My Biggest Failure... The Power of Learning from Success and Failure
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*Editors note - the main camera angle had an issue with the file but the content was too good to not release. Ironic that it is on a video about failure - apologies and enjoy the content.
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One of the questions I frequently encounter is what I've learned from my biggest failures. Before I delve into that, I want to emphasize the importance of learning not only from failures but also from successes. Often, we only become open to learning during failures because success can make us overconfident and blind to important details and processes that contributed to our achievements. From my experience coaching high-performing individuals, I've noticed that they usually reach out for help and guidance when facing significant challenges or failures. They admit that during their successful times, they were not receptive to external input. It took failure for them to become open to learning.
I want to make it clear that failure offers opportunities for learning, but it's not because we can't learn from success. It's because we are often not psychologically prepared to learn during successful moments. It is crucial to understand that waiting for failure to occur before seeking growth and learning is unnecessary.
Perhaps there should be a counterintuitive mindset that accompanies success—one that recognizes the potential for failure within it and asks, "What can we learn from this?" About ten years ago, I faced a significant financial failure with my company. We had thriving fashion, film, tech, and publishing divisions. We achieved remarkable success, with one of our fashion companies winning a prestigious award and our film company creating the top-rated Super Bowl commercial. We were financially stable and didn't require further investment.
However, one day, everything changed. My business partner made a decision that led to the loss of the entire company, wiping out millions of dollars in valuation. It was a devastating blow, and it took me five years to recover from the consequences of that failure. Through this experience, I learned some valuable lessons.
Firstly, I discovered the importance of choosing trustworthy and committed partners. It is essential to work with people you trust, enjoy being around, and who are dedicated not only to the business but also to one another. Success and failure are both common in life, and it's crucial to have a supportive network of people who have your back, regardless of the outcome.
Secondly, I learned that I had more resilience than I realized. Facing the pressure, stress, and failure of such magnitude taught me that I could endure and overcome difficult circumstances. This realization gave me newfound confidence and the willingness to take greater risks. Knowing that I could survive significant failures empowered me to step into opportunities for massive success.
Lastly, I realized that losing something creates space for something new. Despite starting over, I had gained invaluable experience and knowledge from my previous ventures. It wasn't a fresh start from scratch. Every experience, success, and failure had shaped me and increased my intrinsic value as an entrepreneur and leader. Even in the worst situations or economic downturns, they cannot take away who I have become. My personal growth and experiences are my greatest assets.
Now, let's apply these insights practically. The first step is to carefully choose the people we surround ourselves with, forming an inner circle of individuals who align with our goals and values. Evaluating our current circle and seeking out better connections with people who are passionate, ambitious, kind, and generous can have a profound impact on our growth.
Focus on taking small, incremental risks and making improvements in specific areas of our lives. Rather than attempting to change everything at once, by changing one thing, we can witness how it positively affects other aspects of our lives.