Overcoming Failure 
in Business

I love to read biographies and auto-biographies of people who inspire me. Many are well-known business leaders who have achieved huge success in their lives and businesses.

So far, the common ‘thread’ in all the books that I’ve read is that ‘lady luck’ rarely shows up in the beginning of their business venture. I’ve yet to find any well-known business leader that ‘made it’ first time. What I have learned it that FAILURE PRECEDES SUCCESS.

Facing failure is an inevitable part of the entrepreneurial journey. Dealing with failure is not easy, but rising above these setbacks defines true leaders.

‘Failures’ come in many forms:

• A business going into administration
• The loss of a critical customer project
• Breakdown in a relationship between business partners
• A catastrophic business decision

…to name just 4!

The mindset of the business leader is the key to overcoming situations like these.

In the conversations that I have had with business leaders, it’s quite common (especially with Men!) for them to hide what they are experiencing at the time, and to try to look like everything is OK.

The trouble with this approach is that if we try to suppress our true feelings during times when we’re experiencing 'failure', negative energy tends to build.

It’s a bit like a pressure cooker - the heat rises as does the pressure on our lives during these times. We can do a great job in hiding what’s really going on, for weeks or months! Perhaps no-one notices, but inside our minds – we notice. We probably process thousands of negative thoughts, perhaps focusing on the worst-case outcome for the situation that we’re in, have sleepless nights, and generally feel awful.

Eventually, the pressure is too much, perhaps someone says the wrong thing to us, and we ‘EXPLODE’! We let loose our true feelings multiplied by how long we’ve been holding it in for, typically making matters worse!
 

Mindset is Key

In this article I’ll share four ways to help overcome failure in business with the use of your mindset, along with inspirational examples from renowned business leaders:

1. Embrace Learning from Failure
‘Failures’ are valuable teachers. Each setback holds lessons that can lead to future successes. The reason why I use quotes with the word ‘failure’ is because the actual failure is to not learn from the situation. A failure is a lesson to be learned.

• Example: Steve Jobs
  Steve Jobs was fired from Apple, the company he co-founded. At the time some may have seen this as a failure for Steve. However, instead of seeing this as a career-ending failure, Steve founded NeXT and later acquired Pixar, which redefined the animation industry. His efforts and learning eventually led to his return to Apple, where he led the company to launch some of the most innovative products the world has ever seen. Although Steve sadly passed away some years back, his story continues to inspire entrepreneurs today.
• Look Back to What Went Wrong and Then Step Forward: Conduct a thorough analysis of the 'failure' to understand the root causes. Talk with colleagues, peers, or a mentor. A problem shared is a problem halved and it’s also a big release! Once you have concluded the root cause/s, don’t focus on what went wrong, instead step forward with action/s to ensure this is not repeated. 
• Continuous Self-Development: Boost your ‘come-back’ with self-development: read books, listen to podcasts, watch videos, or attend courses on areas of self-development that appeal to you.
   

2. Gain Perspective
How we look at any situation in life and work, defines what it means to us. If you look at the situation you are in as an ‘insurmountable failure’, it’s likely that’s what it will mean to you in the future. 

If you acknowledge (and accept) that the situation is bad, but then realise you always have choice in what you next say, think, and do - this can give you a different perspective. Having a different perspective can turn a negative experience into an opportunity for you in the future. 

Many people I have talked to who overcame a ‘failure’ in business have said to me: “Kev, if that [Failure] hadn’t happened in the past, then I would never have been able to do X” - where X is the success that they experienced later.

• Example: Howard Schultz
  Before creating the Starbucks empire, Howard Schultz's first effort to build a nationwide chain of espresso bars was met with scepticism. Schultz maintained a broader vision and perspective, leading Starbucks to become a global coffee business.
• Stay Objective: Try to keep outside of the emotional impact of failure to view the situation objectively. What options do you have to move forward? Who could you talk to about the situation you are in? This can help to discover next steps and potential solutions.
• Reflect on Past Successes: Recall your previous achievements to remind yourself of your capabilities and resilience. This can boost confidence during challenging times. It can also be inspiring to read the biography of someone you admire who overcame adversity to ultimately succeed. There are many examples out there (including the people mentioned in this article)!

3. Take Time Out
Sometimes, taking a step back is essential to move forward after a set-back. Taking a break from the situation gives time away from the problem, time to re-think where you’re at, consider options and identify solutions and a strategy.

• Example: J.K. Rowling
  Before Harry Potter became a household name, J.K. Rowling faced numerous rejections from publishers. During this challenging period, she took time to refine her manuscript and develop her story, leading to one of the most successful book series ever.
• Pause and Reflect: Take short breaks to clear your mind. Use this time for introspection and to reassess where you want to be in your life and work; perhaps define a new business goal; and develop a new strategy. 
• Protect the Asset: You are the Asset! Look after yourself – eat and drink healthily and try to maintain a healthy work-life balance. Engage in activities that rejuvenate your mind and body, such as Yoga or Meditation. Both are great ways to help move through difficult times in business and life.
• Seek Support: Lean on people you trust for emotional and professional assistance. Sharing your challenges with trusted individuals can provide new insights and relief from thinking through the situation on your own.

4. Developing Courage
Courage doesn't mean being fearless but acting despite the fear. The key word here is ‘action’. It doesn’t mean you won’t experience other ‘failures’ in the future, but the more situations you overcome by taking action, the more courage grows because you’ll see what you’re capable of overcoming.

• Example: Elon Musk
  Elon Musk faced monumental challenges with SpaceX, including several failed rocket launches, before ultimately a successful launch on the fourth attempt. His unwavering courage to persist resulted in groundbreaking achievements in space exploration, making SpaceX the leading private space company. I highly recommend the book ‘Elon Musk’ by Walter Isaacson.
• Strategic Risk-Taking: As the quote goes, "Courage does not promote reckless risk-taking. Courage promotes a positive and thoughtful approach to entrepreneurship." Assess risks carefully and make informed decisions.
• Inner Strength: Cultivate a positive mindset. Support this with activities like meditation, exercise, and journaling to build mental resilience.
• Take Action: Use your insights and plans to make decisive moves. Courageous actions, even small ones, can lead to significant progress over time.

Conclusion
Failures are stepping stones to success. By learning from them, gaining a new perspective, taking time out, and developing courage, small business owners can transform setbacks into powerful growth opportunities.

If you’re experiencing or have recently experienced a failure in business, you’re in good company! All the well-known business leaders that I have read about, bounced back from the ‘failures’ they experienced. In some ways experiencing and overcoming the failures helped to define them as the successful leaders we see them as today.
 

Are you ready to take your business and life to the next level? Schedule a discovery call with me to discover how I can assist you in finding clarity in your life and work, overcoming challenges, and achieving your most ambitious goals. 

During our call, we’ll discuss your current situation and explore where you want to be. Together, we'll enhance your focus, confidence, and drive, paving the way for your success. 

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