7 Strategies CEOs Use to Bounce Back from Failure to Succeed
It’s an interesting paradox about business and leadership: A key trait of most successful entrepreneurs and CEOs is their ability to bounce back from failure. Those who fail at a venture and lack the resilience to try again can never succeed. Those who hesitate to achieve even the smallest objective (out of the fear of failure) are doomed to a similar fate. Only those unique individuals who fail, learn from their mistakes and move forward are genuine leaders.
Generally speaking, there are two primary types of CEO failure. A business owner launches a new product with hopes it will dramatically spur the company’s growth – only to see the product collapse in the marketplace. This type of failure can be attributed to errors the business owner makes. In the second type of failure, the business owner does everything right in terms of a product launch, but due to circumstances beyond his or her control, expectations fall flat and success remains elusive.
In both types of failed enterprise, the true marker of success is how the person or people involved view the setback and decide whether or not to move forward and try again.
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Seven Ways You Can Overcome CEO Failure
Here are some tips to keep in mind when you’re faced with failure and want to overcome it:
1.Owning up to your mistakes.
When things go badly, genuine leaders don’t deny their own responsibility or play the blame game. They take ownership of the decisions (the right ones and the wrong ones) that led to the unfortunate outcome.
2. Apologize to those involved.
The business landscape is littered with CEOs who issue generic apologies for mistakes and failures they’ve made. A true leader avoids boilerplate apologies, offering instead sincere regret to people within and outside of the organization who were affected by the particular business failure. People know sincerity when they hear it, and are more likely to forgive a genuinely contrite leader and keep their dedication to the business intact.
3. Reflect and evaluate the situation.
Rushing blindly forward in the aftermath of failure almost guarantees the likelihood of similar failure in the not-too-distant future. As a business leader, you must take the time to reflect on what’s happened. Look into the root causes behind the error. Objectively evaluate how things must change in the weeks and months ahead. What worked in the ultimately unsuccessful venture? What didn’t? What could have been done differently? For successful entrepreneurs, failure is always a learning experience.
4. Change your mindset.
Winning business leaders rarely even think in terms of “failure.” For them, the key word is “setback”—a temporary bump in the road. A setback is something you can get your head around, with none of the finality of the word “failure.”
5. Don’t generalize from a particular event.
Sometimes, we’re inclined to arrive at a general conclusion, based on a single unsuccessful venture. But rather than concluding, “This always what happens when I take a chance” (which only sets you up for further setbacks), understand how every situation is different, with its own learning opportunities.
6. Clear the way for the next challenge.
A failed effort sometimes leaves behind “collateral damage” to the organization or individuals. A true leader doesn’t skirt the messiness involved, but addresses it head-on, taking steps to clear the way and improve the odds for whatever comes next.
A failed effort sometimes leaves behind “collateral damage” to the organization or individuals. A true leader doesn’t skirt the messiness involved, but addresses it head-on, taking steps to clear the way and improve the odds for whatever comes next.
7. Don’t hesitate to seek guidance.
CEO peer advisory groups are an outstanding way to avoid failures in business—simply by virtue of learning from other business leaders who’ve “been there and done that.” Successful leaders understand the folly of believing they’re in it on their own and don’t need anyone else’s help. They see the clear benefits of honestly sharing their own experience in a group of like-minded business leaders and learning from the victories and setbacks.
Learn how CEOs and business owners like you are overcoming strategic and operational challenges to grow their business. We invite you to download a free white paper, “Real-Time ROI: The Value of Participation in a Professionally Managed Peer Advisory Group.”
