Jim Rohn said it right when he stated that there are ‘two kinds of people to learn from’: the failures – those that lost it all, and the positives – those that have succeeded.
Often in our pursuit of improving ourselves we focus mostly on those that have achieved the successes that we dream of. But in the unpredictable journey of business ownership, failure is often an inevitable stop along the way.
As counterintuitive as it may seem, any failure can be the catalyst for success when approached with the right mindset! Instead of seeing it as a negative, it’s time to view failure as a positive word. Building resilience is the key to picking yourself up after experiencing setbacks in your real estate career and business. I’ve outlined some tips below on how to approach your failures, get back on track and how to fine tune your mindset so failure is viewed as a stepping stone towards achievement.
Failure is a Learning Opportunity
We’ve been taught in our lives that failure is the opposite of success. It’s not. In fact, it’s a valuable learning opportunity. Every setback presents you with the opportunity to review what went wrong, what could have been done differently and how you can improve moving forward. This will give you such valuable insight that you may have never reached if you never “failed” in the first place. It will help you guide your future decisions and the approaches you take. Every business owner has faced failures and their growth often stems from the lessons learned during those challenging times.
Seek Support and Feedback
You don't have to do it all alone. Failure can feel lonely and embarrassing, but there is no shame in seeking out those who can help you get back on track - mentors, peers, or business coaches. Their perspectives can help you identify blind spots, refine your strategies, and build a stronger foundation. Surrounding yourself with a supportive network can also provide the encouragement and motivation needed to stay resilient during challenging times.
Level Up your Mindset
Instead of seeing failure as a negative reflection of your abilities, view it as a necessary step on your path to success. Failure is not a statement about your worth, it’s just the nature of business. By shifting your mindset to focus on the opportunities hidden within setbacks, you empower yourself to find innovative solutions that will move you forward. It’s also important to practise self-compassion. Acknowledge your efforts and the courage it took to embark on your business journey in the first place.
Get Back on Track with Goal Setting
Get back to the drawing board and set some goals for your business and personal life. You’ve got new experiences under your belt, and these can influence how you set your goals. Make them realistic and break them down into smaller, manageable steps that build upon one another. Make sure you celebrate your milestones when you achieve them too!
The Adaptability Quotient (AQ)
If your initial approach didn't bring you the desired outcome, adapt. Look at pivoting your strategies. Be open to exploring new ideas, adjusting your service offerings, or adopting different marketing techniques. The ability to pivot and adapt is a hallmark of successful business owners, and it's a skill that can help you weather storms and emerge stronger than before.
Remind Yourself of your Why.
As you rebuild yourself after a business failure, remind yourself of your overarching purpose and passion. Your reasons for starting your business are the driving force that can help keep you focused through challenges.
If you’d like to hear from people who have both failed and succeeded in their business and lives, I’m about to open the doors to my 2024 program of ‘MASTERMIND. with Sherrie’.
I have brought together the brightest business leaders, educators and innovators to share with you their strategies and wisdom for you to implement in your life.
If you are looking to gain access to high-level wisdom and strategies to grow your business and build your best life, you've come to the right place. There are only very limited spaces, so pre-register your interest to apply here: sherriestoror.com/mastermind
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