How to Succeed After Failing in Business - Part 2
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- Опубликовано: 15 июл 2024
- This is Part 2 of my mini video series - How to Succeed After Failing in Business. In Part 1, I talked about how I went from owning a $100m business to losing absolutely EVERYTHING - all within the space of 30 days.
(If you haven’t watched Part 1, go watch it now and then come back and watch Part 2: • How to Succeed After F... )
Failure isn’t fun, but it can be transformational. For many of us, failure is an essential part of our journey to success, in life and business.
When I failed (and I mean REALLY failed), I had no idea how to handle it or what to do. It was trial and error for the most part. However, I found my way out of there and learned how to recover from failure in business.
It comes down to seven steps. I believe that these seven steps are the reason I’m here today, and not drowning in my many, many failures.
I’m positive that these seven steps will help you to recover after failure and come out wiser, stronger, better, more superior and able to succeed in your business.
In this video, I talk about:
• Why you need to hit the pause button and take a break from your business
• Why you need to find people you can trust
• How to reflect on your failures and learn from them
• How to re-write your narrative (which will bring you a step closer to become CEO of your own business)
• Why (and how) to revisiting your purpose
• How to embrace and integrate failure
• How to overcome business failure
Learning from business mistakes (such as mine) and business success stories will help you to overcome business failure and drive success, even if you’ve managed to fail beyond belief.
I’m technically not a success mentor, but I hope you find these steps helpful. Remember, while we can't guarantee that things will go right or wrong, we can always be more prepared!
You can also read about the seven steps to help you succeed after failing in business over on my blog, which you can find on ceoentrepreneur.com
Subscribe to this channel (CEO Entrepreneur by Tamer Shahin) NOW / @ceoentrepreneur
Read the blog post on this topic at ceoentrepreneur.com.
This video is How to Succeed After Failing in Business - Part 2
• How to Succeed After F...
ABOUT ME
Hi! I’m Dr. Tamer Shahin, the Founder & CEO of CEO Entrepreneur, where we help small business owners scale their businesses, without sacrificing their lifestyle, wellbeing, or freedom. I’m also a Serial Entrepreneur, TEDx speaker, Executive Coach, Consultant, Author, Speaker, Investor, and now… I'm a ‘RUclipsr.’
I’ve grown several multi-million-dollar businesses from scratch. Some of these businesses were massively successful and others turned out to be catastrophic failures! Nonetheless, I picked myself up and learned a lot from all of my extraordinary success and catastrophic adversity.
Now, I’m taking everything I’ve learned and leveraging it to create this RUclips channel and help people like YOU scale your business to astronomical heights. Each week, I’ll be sharing tactics, tips, tools, and insights to help transform you into a “cool as a cucumber” CEO.
*Disclaimer*
Results are not typical nor guaranteed. You are responsible for your own actions and decisions. Neither Tamer Shahin nor CEO Entrepreneur can be held liable for any results you may or may not get as a result of decisions you take during or after watching these videos.
#PersonalGrowth #SelfDevelopment #CEOEntrepreneur
In addition to mentioning the ONE thing that you took away from this video, I'd love to hear any of your personal journeys of failing and if you've managed to pick yourself up after that (awesome!), what steps you took. Tamer
This down slump is referred to spiritually/philosophically as the dark night of the soul, I'm going through it right now. If anyone of you is in the middle and hasn't seen the light yet, have faith! keep going.
And Tamer--thanks so much for sharing. There is a huge need for this message!
I have watched this enlightening two episodes 2 years ago,
Here I am, watching them again, in a stage of having business collapses and I’m trying to save whatever I can.
Unfortunately at this stage, taking a break or time off isn’t an option, cause the guilt and the blame on ourselves feels like a black hole and you must get out of it! as long as there is a slight hope that things can be realigned.
Thanks a lot Tamer for sharing such inspiring content.
Thank you for making this video! I am really needing to hear some encouragement from someone that has gone through something like this. My company is nearly 6 years old and based in California. I am the founder and have made many sacrifices to build this business. It really is my life! I am significantly leverage (but still have a bit more runway) and have serious cash burn. My business is like my child and the real thought of losing it is incredibly stressful. I am trying to be strong and be the leader in supposed to be that my staff and associates can depend on, but I'm not sure how long I can hang on. I'm trying to create a viable exit strategy that will take good care of my creditors, investors, employees and associates. But the thought of quiting causes me almost constant stress! This comment is not ment to feel bad for me or my situation but to show that these feeling are real and that this content is very much appreciated! Thank you
Hey, don't be so hard on yourself. Your business IS like your child and the thought of losing it doesn't come easy to anyone. You should be proud that you are still in it after 6 years; many would have thrown in the towel. Why don't you take this quiz? ceoentrepreneur.com/business-triage/ It will help you get some insight on the areas where you can get some quick wins. And it also might offer you the chance to have a strategy call with me which I think you need. You've got this!
It is so important to embrace failure. We are so focussed on success, that we avoid even to imagine that we can fail. We don't read or hear about failure, in a positive way. If you fail you should be ashamed, or something like this, because all is your fault.
I heard once from a comedian that every time he got kicked in the ass, it catapulted him forward. I didn't forget that lessen. When one door shuts, another one opens. Failure opens the eyes to other possibilities that can be much more fruitful. I think the most important getaway is to rewrite the narrative. To be able to reframe the facts in a way that shows new paths. It is so important to be able to let go as a first step to start something new. Or to discover that this "new thing" was already there, but you weren't able to see it.
Absolutely. We're taught from a young age that we can't fail. But sometimes you have to fail to succeed. Doesn't make it any easier but it does help you overcome obstacles each time
Thank you so much for this video series Tamer. I faced a nearly crippling hit to my business about 10 months ago, and while I've been busy recovering from the worst impact of it, I haven't had the strength to begin rebuilding. Through these videos I've taken a long hard look (and several pages of journalling) about what happened, my perception, the raw facts, how others would phrase it (and already have whether I wanted to hear it or not), and I'm finally on the stages of revisiting my purpose and preparing to create a new vision. While I too made the mistake of not taking time off, and I plan to remedy that shortly, I think I really needed to hear the structure that you've laid out here. It's been a long lonely journey, so thank you for your help in working towards getting through it.
Thanks for sharing your story! It's awesome to hear that the videos have helped you in your journey. Keep going, you've got this!
I truly value your input. I have been at this business for 7 years and also made a crucial mistake!
The most valuable lesson I have learnt from your video is to take time off and that it is okay to fail (I have been punishing myself mentally because of this, this business was my heart and soul and I gave it everything).
This failure made me feel like I was loosing a child. I felt physical heartache like you will not believe.
I have started a new venture. I am now wiser and stronger, but still need to let go of the heartache of failure.
Thank you so much for sharing your story. It takes a lot of courage to open up about failure and learn from it. You've got this!
One message that resonated with me is to analyze where it all went wrong, be honest with yourself and realize that the course changes along your way. I am learning so from this channel .I have an idea and your words of wisdom have clarified my direction. Thank you. Dr. Tamar, thank you.
You’re welcome! These videos mean a lot to me so to hear these kind words really make a difference so thank you too
Dear Dr Tamer, Thank you for your devastating story, for sharing your deep pain and I acknowledge the trauma it caused/causes you - and the courage it has taken to rebuild another business successfully after such a deeply wounding experience. The LLC structure was not enough of a buffer against the legal action taken by contractors who used the cheques which were signed by your partner for work undertaken in good faith. I’m still confused about how the original people that asked for your services…which you fulfilled, celebrated and completed - how were they held accountable for the cascading effects in destroying your business, ruining your reputation and decimating the trust of good people in your team and dishonouring this contract yet they found a way to financially and legally shirk their own responsibility. The LLC should have been a buffer but it wasn’t. Are you saying that we should expect these types of situations to happen because this is what happens in ‘business’. I loved how your friend re-coined the term ‘responsible’ as ‘response able or able to respond with resiliency. I have a number of questions because I want to truly learn: Would you recommend taking part payments from the people who bailed on their own obligations (financially, legally and morally) as you met certain milestones so that the financial risk is spread out and has less of an impact. You note that you ‘seemed to put all your eggs in one basket’ to lessen the blow should one contract be unable to pay. How could you mitigate this risk…through insurance (?) what would you recommend… and if there were contractors relying on you …how do you check that they have adequate insurance to also bear this type of downward flow on affect of risk also. I agree that ‘life happens’ yet the contractors quite rightly took legal action against you both (I’m sorry for the distressing consequences). And so what legal action did your business take . Were there warning signals that you can now see and can tell us all about to warn us of what to look out for so that action can/could be taken sooner to prevent this happening to us should we be fortunate to grow to the ‘multibillion dollar’ level. Someone said that ‘more money’ only magnifies who you are…and so for the sake of other good and honourable people in the world - can you tell us the name of the people who ruined you because my sense is that this will not be the first time that they have acted in this way…and my prayer is that none of us ever justifies such behaviour for ourselves or anyone else in our circle. Thanks and blessings
This guy is awesome, I respect his advice. I had a nasty failure a few years back, possibly the only thing I have ever failed at. I had to go back to my regular job to pay off all the debts accrued. Even with how bad it was, I learned more from that than all of my other successes-I consider it an overpriced class on what not to do. Surprisingly, I was able to avoid bankruptcy and foreclosures, and I’m doing ok!
Is there a way I could LIKE this video a thousand times? Thank you so much for this! I'm glad I've come across this video of yours before I get to "that place."
Liked x 1000! Thank you for your support
You're right. My mindsets have definitely changed and i can relate to your experience.
I grew up in Singapore and I remember when I was younger, the education system always told me that failure is not an option. It's not like this is a bad thing, but it made me afraid of failure. I didn't want to try new things because I thought that if I failed at it, then it would be embarrassing.
But now that I'm older, I've learned that failure isn't a big deal-it's how you deal with it that matters most. If something doesn't work out the way you want, learn from it and move on!
I love the idea of integrating failure into your business! Thanks Tamer!
Thanks Mike! I agree. It’s really important. Because let’s face it, it happens more often than we’d like! So integrating and planning for it is a much better plan than hiding our heads under the sand and hoping it doesn’t come our way!
What I took from the lessons is to find trusted friends to talk to during failure time.
This is very important…
The one thing is to embrace failure. Not by creating it, but preparing for it.Thanks
Thank you so much Dr for the insights. I can relate 100% from your failure. Your steps never occurred to me at the time that I failed. But I thank God that I have found them now. I am going to integrate these lessons into my life and business. Thank you Sir
You’re welcome!
I want to say thank you for being a fantastic boss , coaching, mentor, and friend. You have taught many so much in their time and leader’s career ,here and I honestly can’t thank you enough for your kindness, generosity, and support.
You are a role model and many others in any organisation.
Thanks again, and best of luck.
Thanks for watching and commenting here. Really appreciate it!
Sir can I ever call you to take some dicision to restart without lag as I would loose a chance to restart thank you for all the advises
You are just awesome Dr. Shahin. Thank you from Hong Kong!
Most welcome!
I’m going through a hard time. But I learned failure happens. Analyze the business and go at it again.
Tough times don't last, tough people do. You got this!
Amazing advice on how to integrate and embrace failure - by changing your perspective 👊 !
Yes. It’s all about perspective! 🙌
You are an amazing presenter and always leave me with a big smile! Keep doing what you are doing!
Thank you so much for your kind words!
Love your Chanel so much value in each video.
Thank you from France 🇨🇵
Thankyou it's a wake up call after 4yrs of stress of lossing businese.
It is really tough. How are you keeping now?
One take-away? Talking to someone who aligns with your vision. Even if they are trustworthy, you may be talking to the wrong people...
This… ☝🏻
Thank you so much. Not only is this excellent advice for business, but it's also advice that can be applied to every area of life. My biggest takeaway is to plan for the things you want to avoid. Expect that they'll happen, but know exactly how to respond to prevent those things from turning into tragedies.
Thank you for sharing your story and advice!
3 sets of creating a business until failure
Most valuable advice ever
I appreciate your support and feedback!
You are right . Thanks
Hi thanks for this. I also go to bad times. But to hear is in words help me.
Understandable. You've got this!
Sir thank you to deliver some needful messages as I too am in a devestating situation
I'm sorry to hear that. Know that you are not alone and take it step by step.
The person that gave you advice other than your wife, that's your pivotal point.
You forgot the most important advice: DO NOT LIE, TO YOURSELF, TO YOUR CO-WORKERS, TO THE TEAM
Thank you for sharing
You're welcome!
Thank You!
You're welcome!
My biggest take aways were, assessing the situation properly, realize you will laugh at this in the future realizing what you have learned, etc. and having someone that supports and shares your vision. I mean, who wants to get a proper job? ;)
hello from Greece again, the same friends told me , i am having the same issues i cannot rest my mind
The most valuable lesson I took from your video, Tamer, is to incorporate failure into your overall strategy. In the last couple of years I have gone from #maykingmistakes and starting to embrace failure and now, with your guidance I am going to have a go at #MayKingItHappen 😊 Thanks again for another fabulous video Tamer. Looking forward to the next one!
Thank you May King. Keep #MayKingItHappen 🙂
Go at it again!
Awesome 👏
Factoring in failure
It's important to acknowledge that failure is part of the journey to success.
Thanks soo much it was an amazing video... But I literally have no one I can trust or who I can talk about it with. What do you advise?
Hi... Try to find someone you can learn to trust, but if you can't then walk through the steps by yourself and write them down and try to come back to them after a while to see if you feel differently about them. It's not easy so Best of luck!
Hello From Greece. I really having the same problems unfotunately my husband isnt supportive. So how do i start over again? Thank you very much for this incredibble viedo
We were about to start a fit-out project for an International Company and they pulled out of the office lease 1 week before our start on site. It could be we will be short of cash as we now have 3 months with nothing on site, we also turned work away due to the size of the project we were partly paid design fees and told we were good to go...The trouble is our contract did not have a cancellation clause in...How can big business screw the little man like this ?
who else is watching this feeling dead inside lol
🙃
I relate to this video. Thank you very much. How do I get in touch?
Check out our website .. ceoentrepreneur.com . It has contact details :)
New narrative
I am going through all of these that you are saying. Can anyone contact you?
I really wonder if you make so much money from a business why not pay yourself like 2 million and put that in a savings account. So when shit hits like this you are not starting from 0.
Integrate failure.
Literally very little substance and meat for two part video. All general things and emotional ranting. Nothing here to take away and actually apply.