By Luke Johnson
Published: March 30 2010 21:58 | Last updated: March 30 2010 21:58
Success is not about being ambitious – that is easy. It’s about overcoming adversity. In my experience, what separates the winners from losers in business – and probably in life – is how they handle disappointment.
If you strive to achieve, you will suffer setbacks, just as thunder follows lightning. As everyone knows, if nothing is ventured, nothing is gained. Inflexible entrepreneurs who imagine they cannot possibly fail are likely to suffer an uncomfortable shock when their luck runs out. What is needed is a pragmatic approach so that you adapt and rebound if events do not go precisely according to your desires. As Helmuth von Moltke, the Prussian field marshal, said: “No plan survives contact with the enemy.”
You might fail to get a job, miss a deal, be defeated in a contract battle, lose money on an investment. Remember always that no one triumphs every time; and the more attempts you make, the more reverses you will suffer – as well as victories. After all, failures are rarely fatal, and most are unimportant. There will be another company to buy, another great appointment, another race to run. What matters is your attitude to the inevitable knocks. I reflect on this because recently a project I had been working on for some time came to nothing. As I accepted the repulse, my usual set of responses kicked in: ways of stopping myself becoming disillusioned.
Initially I think back to other failures in the past, and how all the intensity of emotion prevalent then has entirely dissipated – time has cured any regret. I try to learn from a flop: what did I do wrong, what shall I do differently next time? In every disaster there is a precious element of experience.
But while improvement is essential, it pays to keep blame in proportion. Chance plays a huge role in life, so do not torture yourself unnecessarily in the wake of a mistake. And by the same token, try to avoid making so many excuses that you sound as if you’re in denial. Honestly analyse the reasons why things did not go your way, and then move on.
Family support is crucial if your career is looking threadbare. An understanding spouse will listen to your frustrations with sympathy, and allow you to let off steam at home – at least temporarily. Moreover, those closest to you will put your agony into perspective – so often we allow ourselves to get carried away with imagined dramas. For those who believe in God, then their faith will no doubt help. Try to avoid complaints and irritation in the workplace – everyone hates an incessant whinger; they develop an odour of self-pity that is most off-putting.
Do not cave in to pessimism or despair. Life is a long journey, the world is a big place, and there will be other opportunities. Of course there is unfairness, but a setback will only cause you serious harm if you allow it to damage your confidence.
Keep busy – never retreat from the fray entirely. Take exercise, research other possibilities, network furiously, redouble your efforts and seek advice about alternatives. As Winston Churchill said: “Never give in, never give in, never; never; never.”
Set new goals as soon as possible, keep occupied by planning fresh adventures, and retain your thirst for experimentation. As Gordon Moore, co-founder of Intel, put it: “Failures are not something to be avoided. You want to have them happen as quickly as possible so you can make progress rapidly.”
Coping with these hardships requires tenacity and self-belief – but nothing of lasting value is ever easy. Samuel Johnson said: “Great works are performed not by strength but by perseverance.”
Almost every entrepreneur I have met has clambered over considerable obstacles to reach their objectives. At least all these hurdles create barriers to entry, which is why highly accomplished business owners are so rare.
We live in a far from perfect world, and this is the phase in the cycle when things are apt to go awry. But educating yourself to cope with each misfortune, while soldiering on relentlessly, is the surest formula for glory I know.
The writer runs Risk Capital Partners, a private equity firm, and is chairman of the Royal Society of Arts
lukej@riskcapitalpartners.co.uk
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