Failure is not a word you associate with success stories, but it's often their foundation.
Looking back on the failure of my first business, I can now see it as one of the most profound leadership lessons I've ever experienced, even though it felt like the end of the world.
Whilst I had many of the attributes needed to be successful, I lacked the leadership maturity to navigate the complexities of building something sustainable. Here's what I learned the hard way:
Past Success Doesn't Guarantee Future Success
Having experienced quite a bit of success in the past is a key factor that led to the failure of my first business venture, as I was overly confident and took so many things for granted.
Leadership Lesson 1: What got you here will not get you there. Your past experiences are valuable, but that doesn't mean they are the only way forward.
Vision Without Alignment is Just a Dream
I was passionate about the business and assumed everyone shared the same clarity and commitment. I communicated the what but didn't spend enough time on the why.
Leadership Lesson 2: Having a vision is not enough. Leadership is about aligning others and ensuring they see their place in the journey.
Listening Beats Leading
I was arrogant and cocky and had to have all the answers. I spoke more than I listened. When the business started going South, I realised that the most critical insights were the ones I had been too busy to hear.
Leadership Lesson 3: Leadership is as much about creating space for others' voices as it is about having a strong voice yourself.
Build a Solid Foundation
There's no 'I' in team. You cannot build a successful, scalable and sustainable business without the right people around you. I hired people for the wrong reason and never once thought about the team I was trying to build.
Leadership Lesson 4: Hire the right people for the right roles. Be clear about roles and responsibilities. Double down on your efforts to build a cohesive and trusting team.
Leadership Doesn't Have to Be Lonely
The weight of responsibility as a leader can feel quite isolating, stressful, and downright unhealthy. I buried myself in work and kept my concerns and troubles to myself. Alcohol soon became a good friend.
Leadership Lesson 5: Don't be too proud to ask for help.
In Conclusion
Failure is not the end. It's a harsh but valuable teacher. It taught me resilience, humility, and the importance of continuous reflection. It was tough, but it made me a better coach, facilitator, and leader.
What lessons have you learned from failure?
