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Jillian Michaels learned many lessons on her rise to success

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Celebrity trainer Jillian Michaels learned a lot throughout her rise to fame, which is demonstrated by her recent success as an entrepreneur, she said recently in an interview with CNNMoney.

In 2008, Michaels co-founded Empowered Media, a brand that showcases her website and online fitness program, best-selling books, workout DVDs, video games, K-Swiss fitness apparel and shoes, as well as exercise equipment.

As she shared with CNNMoney, her experiences on the TV show "The Biggest Loser" and working with her mentor, Suze Orman, personal finance guru, taught her many business lessons, including how to legally protect herself as a business owner.

Orman told her to purchase an errors and omission insurance policy that would be able to cover legal costs in the event of a lawsuit, Michaels told the source.

Another benefit of errors and omissions insurance is that it can be tailored to cover specific exposures, giving companies the freedom to operate without fearing litigation.

Michaels also learned from Orman to learn from failures. Before being on "The Biggest Loser," Michaels auditioned for a VH1 show, but didn't get it; she told the source she learned from this setback, and was able to apply those lessons to land the job on "The Biggest Loser" and go on to achieve other successes. 

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