Setbacks are a natural part of growth. The occasional failure can actually pay dividends down the road, as it may spur you to take greater risks or alert you to new and valuable ideas. Some of the world’s most inspiring success stories were sparked by failure, including the following:
Nihal Mehta’s marketing tech firm LocalResponse suffered several early setbacks before it became the powerhouse it is today. Mehta’s very first venture went bankrupt, and then, after forming the mobile city guide buzzd in 2007, he suffered yet another roadblock: the mobile revolution. His company’s services just couldn’t compete with the iPhone’s capabilities, and as a result, he lost his co-founder and most of his staff. He shifted his focus, and after being rechristened as LocalResponse, his company achieved staggering growth. Today, it’s highlighted on Forbes’ list of most promising American companies.
Jeff Bezos is known as the mastermind behind Amazon, but in his early efforts to achieve internet greatness, he experienced one failure after another. The most significant of these was zShops, an ecommerce site that quickly went under. Instead of giving up, Bezos repurposed his plans for zShops and used the concept to form Amazon Marketplace, which, according to Fortune, now accounts for forty percent of Amazon’s sales.
After putting her entire life savings into PYP Media, CEO Kathryn Minshew suddenly realized that she could no longer log into the site. This devastating discovery occurred following a huge argument between the site’s several co-founders. She could have sued, but Minshew decided to start over with fellow PYP co-founder Alex Cavoulacos by her side. They teamed up to create The Muse, which attracted more visits in its first month than PYP did in its entire history. Five years later, Minshew thinks of the failure of PYP as “the best thing to ever happen to me.”
Failure can be expected, but your response to failure determines whether you are a true leader. If you need help fine-tuning your leadership skills, call me or email me for a free consultation.