The Nourished CEO Podcast What I Learned From My Biggest Business Failure
There’s so much to be prepared for - both mentally and emotionally - as entrepreneurs. There will be failures along the way. It’s inevitable. Rather than let it stop you, see setbacks are opportunities to learn as you go forward. With that in mind, I’m sharing my biggest business failure and what I learned from it.
About My Biggest Business Failure
Around a year ago, I went to launch my Fed and Fearless program for the third time. Despite my high expectations, months of preparation, and initial interest in the program, almost nobody signed up. Feeling confused and dejected, I was left wondering where my business was even going. This led me to really dive into how this could be a learning experience that I could share with others.
Foundations of Your Business and Your Inevitable Success
The first big lesson I learned is that business foundations are more important than specific strategies. For the launch itself, I did everything right. Yet, I was missing some important foundational pieces about my business. We have to be clear on certain things, such as what your specific niche is and the problem you’re solving for your clients. Now I know that before doing anything else, we must be crystal clear on these core and foundational principles.
I also came to realize that failure is merely a belief. If there is something you are truly called to pursue, your absolute commitment to it will likely be enough to get you there. When looked at this way, a failure is merely a step on the journey to success. Even though it may seem like a terrible setback when it happens, there are lessons to learn that will take you that much closer to achieving your goals.
Setbacks as Part of the Long Journey to Success
Setbacks are part of the long process that takes us to where we’re meant to go. In truth, it’s likely that every successful entrepreneur has experienced major setbacks and disappointments. It’s not that successful people don’t fail. Rather, successful people allow those experiences to become part of their journey to success.
Finally, I learned to believe in the inevitability of success. That means coming to realize that results won’t always be immediate. The things you do today for your business may not actually show results for years. That doesn’t mean that you’re not doing it right. It means that you have to be patient and that you can’t give up when something doesn’t work right away.
Have you experienced a major setback in your business? Tell me what it taught you in the comments on the episode page!
Got a question you’d love to hear me answer on the show? Leave me a voice message here!
In This Episode
- Reflections of a business failure [4:00]
- The learning opportunities that come with failure [16:30]
- Why business foundations are more important than strategy [20:18]
- Why failure is merely a self-defeating belief [27:51]
- Understanding that failure is a natural part of the entrepreneurial journey [32:47]
- Having faith in the inevitably of your success [40:32]
Quotes
“We all experience situations where we thought something was going to go one way. We were hoping something was going to go the way we hoped it would and it didn’t. We have to be able to recover from those experiences in order to really make the most out of life and to be able to approach life in a fearless way.” [3:19]
“A business failure is a symptom. It’s not a root of the issue.” [17:11]
“These things that we experience as failures, they’re only actually a failure if we choose to interpret them as a failure.” [30:48]
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