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Dealing Well With Setbacks Is Just as Important as Taking Advantage of Opportunities You can never lose everything because you are much more than your material possessions.

By Grant Cardone Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

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The definition of a setback: A check to progress; a reverse or defeat. An act or instance of setting back.

Elena and I are frequently asked what would we do if we lost all our money. How do you rebuild from ground zero? How would we tackle such an enormous setback?

Many times, I think people ask that because they are at ground zero. They want to learn how to grow because what they are doing isn't working for them. They are stuck at this low level and need help. They either don't want to, or can't, recognize their own situation. They may want to glimpse how the successful think so they can emulate it.

If you study successful people throughout history, you'll see that a majority of them faced some roadblock or adversity that they had to overcome. Very few successful people are handed everything to them on a silver platter. Sure, it does happen but again, most people have to fight and earn their success.

Related: Famous Business Failures and Comebacks

Imagine, every day 1,700 millionaires are created in the United States alone. They have overcome some setback or hurdle to achieve that.

For example, Walt Disney declared bankruptcy early in his career and was at the brink of bankruptcy again even after he had created Mickey Mouse. In fact, he had to get a bank loan to complete his iconic film, Snow White and the Seven Dwarfs, because he was out of money. That film became a blockbuster and that's how he avoided failure again. Today, Disney is a multi-billion-dollar company. Everyone in the world knows Disney's name, his characters and his theme parks.

Henry Ford was dyslexic, which is a severe learning disability, but he used it to his advantage. He would repeat certain actions over and over, using rote learning to remember things. From this experience, he transformed manufacturing around the world by introducing the the assembly line. Think of the impact he had on almost every industry. The assembly line, whether automated, robotic or line workers, is a staple and backbone of every manufacturing process.

Related: Why Henry Ford's Most Famous Quote Is Dead Wrong

A person can never really go to zero, though. No one can take your successes from you or your experiences. They cannot take your courage, dignity, spirituality, your faith, beliefs, honor, trust or your ability to produce. You are more than your material possessions.

Personally, if I lost my material wealth, not a lot would change for me. Sure, the material part of my life would change, but me, myself, would not change. I would be the same person, with the same personality, the same approach to life, the same strengths and the same weaknesses that I've always had. The real me wouldn't change. The wrapping might change but the content stays the same.

Every day, we lose everything. That time, that moment, has come and past.

Practically, when faced with a setback Elena and I regroup and do the following:

1. Recalibrate. Adjust your mindset, expectations, renew your goals and targets.

2. Consolidate everything. Reduce or get rid of things that are a liability to you now.

3. Go back on full offense. Approach your life, business, career with intensity and massive action.

What would you do to get restarted again?

You get up and you keep going. You are aren't going to break. You can't allow yourself to think that way. You have to be willing to do what it takes to advance your cause.

The wheels can come off the economy again. Some disaster can strike and probably will.

Prepare yourself for it. Protect yourself from it. Insulate yourself by learning, improving your economic situation and gaining financial freedom.

Related: Why True Entrepreneurs View Setbacks As Opportunities

Grant Cardone

International Sales Expert & $1.78B Real Estate Fund Manager

Grant Cardone is an internationally-renowned speaker on sales, leadership, real-estate investing, entrepreneurship and finance whose five privately held companies have annual revenues exceeding $300 million.

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