Success Isn’t Linear: 10 Ways To Grow From Business Setbacks

Some say that when opportunities come knocking, you must be ready to take action so you don’t miss out. Is the inverse of this true, too? After all, life is rarely one wonderful situation after the next. What are you supposed to do when misfortune comes your way in a corporate setting?

Businessman and software engineer Max Levchin took each failure as an opportunity to try again — until his fifth venture exceeded anyone’s wildest expectations. (Paypal, anyone?)

Of course, most of us don’t have the luxury of founding company after company until we hit pay-dirt. Still, take note of the incredible amount of persistence it takes to try time and time again.

Persistence is not an inherent trait. It’s something we practice day after day, and it is one of the many ways you can grow after suffering a business setback. If, at first, you don’t succeed, try one of these ten tips to grow following a business setback.

1. Improved Team Unity

There are as many reasons a business setback can occur as there are grains of sand on the beach. Stronger team culture can be one of the equally plentiful reasons that a business success takes place instead.

“Failure can be one of the greatest unifiers of a team if the leader of the team is tactful in their actions,” says Katy Carrigan, lead expert certified personal trainer at Goody. “If this role falls to you, pitch the failure to your group as a learning experience paired with a job well done.”

Enough cannot be said about the message a business leader’s attitude can send in the face of failure. Curling up in surrender will communicate one idea; marching forward will share another. Focus on galvanizing the troops.

2. Ask Insightful Questions

In the early stages of a partnership with a client or another company, the world can feel bright, shiny, and beautiful. When these relationships crumble, the letdown can be overwhelming. Just like the importance of putting on a brave face for your team, action is necessary, not surrender.

“Grieving or wallowing in a business setback will only set you back further,” says Jae Pak, founder of Jae Pak MD Medical. “Pull yourself up by your bootstraps, and get to the bottom of why this failure took place. Ask the people involved what went wrong.”

Whether it’s an employee you let down or a new partner, asking questions regarding their feelings can help prevent similar dissolutions in the future.

3. Work on Ideas You Believe In

There are endless examples of business people who made it to the top of their industry through what appear to be replicable means. However, trying to be someone or something you are not is problematic at best. If you experienced a setback recently, take stock of whether you believed in the idea, to begin with.

“Passion is everything when you are trying to make your ideas a reality in the business world, “ says Robbie Singh, CEO of Predecessor Game. “A great idea can only go as far as you take it. But how far are you willing to push something you don’t believe in?”

This is not to say you should pursue a profitless endeavor out of pure enjoyment. There is certainly a middle ground. Still, if the passion is not, there it might be time to grow in a different direction.

4. Over-Prepare for Everything

Unforeseen situations are the name of the game in business, more often than not. Whether it’s a lunch that turned into an afternoon sales pitch or an accountant who stopped showing up to work, there is no shortage of surprises in the corporate world. That’s why you need to be ready for whatever today throws at you.

“Under-preparation is a self-inflicted business wound many leaders have struggled with,” says Soji James, lead expert certified personal trainer at 1AND1. “You’ll find yourself constantly feeling out of sorts if you don’t find a way forward with a little more foresight and flexibility.”

You will never be prepared for every situation you find yourself in at work. However, next time you find yourself overwhelmed or out of sorts because of failure, take a mental note to reevaluate this experience later and learn from it.

5. Network, network, network

Despite the utmost cordiality and desire for compromise with other business parties, some relationships will fizzle out. Some may even blow up in your face. This is nothing more than the nature of doing business. When this does happen, take it as a reminder further your network.

“You can never have too many relationships as a leader or even from a business-to-business standpoint,” says Alia Bedi, general manager of L’Evate You. “You never know when you might need someone’s help or when a relationship you rely on will fall through.”

Thanks to modern connectivity, there are more ways to go about this than you can shake a stick at. From marketing to social media, don’t hold back from establishing new relationships.

6. Realize Personal Needs

It’s no surprise that the business world is an extremely busy place. As the leader of a company, your mornings may feel as if you wake up going 60 miles per hour with little to no control. Staying in this mode without any self-care will only bring about greater setbacks.

“Growth is not always about your company’s bottom line. Sometimes, it’s about becoming a wiser or stronger person. This type of growth is great for your business, too,” says Alex Novak, CEO of SLR. “Perhaps you need more rest or exercise. Either way, realize these needs.”

Each person is different, as is their occupation. The needs mentioned above may already be filled in your life. Regardless, ask yourself what your body is telling you that it needs right now. Pay close attention to the answer, and move forward accordingly.

7. Practice Patience

If you’ve heard it once, you’ve heard it a million times: Rome was not built in a day. Just because business-related events are not happening on your time does not mean progress has died.

“Like it or not, business has seasons similar to the weather,” says Susan Kim Shaffer, president and co-founder of Pneuma Nitric Oxide. “What this means is that sometimes, work is so busy that all you can do is react to the situation at hand. Other times, resting on your haunches is all you can do. It’s these moments that will test you, so take a breath.”

Creativity will be the biggest ally in helping you identify how to spend this downtime. Just know that waiting is simply part of the game.

8. Surround Yourself With Quality People

Eventually, there will be more than a few moments where an employee is responsible for a business setback. If this employee continues to bring about similar results, it might be time for an internal overhaul.

“Great business ideas will only come into being if there is a solid team backing it,” says Ann McFerran, CEO of Glamnetic. “If you look around your office right now and are not confident in your staff, do not be afraid to shake things up. It is your business, after all.”

Unfortunately, quality people do not stand on the busiest corner of your city advertising themselves. If you want them on your team, you will have to dig through the job applications to find them.

9. Re-evaluate the Landscape

Businesses and their respective ideas have a limited lifespan. The great rise and fall of department stores are a wonderful example of this. Obviously, you do not want your company to meet a similar end. To avoid this, spend time analyzing the current markets and industry factors before making your next move.

“Racing headlong into a dated business proposition is like signing up for a coin flip where the loser walks the plank,” says Miles Beckett, CEO and co-founder of Flossy. “Taking time to re-evaluate all the factors is applaudable, honestly as the world changes too quickly.”

This is really a simple matter of, if you do not like what you see from a business perspective, do not engage with it. No one is making you do things on behalf of your company as if you were a puppet. If you see a better move, make it.

10. Practice Mindfulness

The life of a company leader is chaotic and appealing. There is never a dull day. Something new and unexpected is always around the corner — and some of these surprises are incredibly alluring. In unison, this can lead to distractions from your original goals.

“It’s common for another entrepreneur to approach business leaders with opportunities for new investments or new ventures,” says Maegan Griffin, founder, CEO, and nurse practitioner of Skin Pharm. “Be mindful of why you got into business in the first place and pursued your original ideas.”

This is one of those pieces of advice that is far easier said than done. Being mindful of yourself at all times is impossible. Still, you can increase the amount of time that you’re truly mindful — and your bottom line will probably thank you.

Conclusion

All things considered, business setbacks are not welcome encounters. However, as seen in the examples presented by the knowledgeable business people above, they can provide wonderful opportunities.

McClatchy newsroom and editorial staff were not involved in the creation of this content.