Everyone Gets Punched In The Mouth In Business. Here’s Why That’s Actually A Good Thing.

Did you know that failure can actually be the key to your success? 

Going through personal bankruptcy was the biggest hurdle I’ve ever had to overcome. It was a bruise to the ego, and it wasn’t easy. But after going through the process for years, I’ve accepted and embraced the experience. I’ve learned to be totally transparent about overcoming the challenge, and it’s worked to my benefit.

You see, it’s all about mindset, and once you realize that failure is what separates the world’s most successful entrepreneurs from lackluster ones, you can learn from it and grow more than ever before.

To put it bluntly: everyone gets punched in the mouth at some point in business. Here’s my advice on how you can face it head-on. Think reflection, not reaction.

Failure is not only inevitable, but essential to achieving great things in business. If you want to succeed in things that most people can’t accomplish, you will have to overcome the challenges that come with it. If you’re not failing at any point, you probably aren’t pushing the boundaries of obtaining your true potential. The good news is that each failure in your career is actually a rung on the ladder to success.

After all, practice makes perfect. And if you want to overcome a great challenge, you can’t expect to do it perfectly the first time. 

Take Sir James Dyson. Before inventing the world’s most famous vacuum cleaner, Dyson spent 15 years developing more than 5000 prototypes, which all failed first. Or look at Jeff Bezos, who worked on various failed companies before becoming a household name as the CEO of Amazon. And note, one of those failed concepts, an online auction site, eventually became the Amazon Marketplace. 

So when we talk about failure, what is it really? The Cambridge Dictionary defines ‘failure’ as “a lack of success in doing something.” What we are referring to is the expectation of success that we had projected on ourselves. The perceived failure is just that: perceived. 

Failure is simply a moment in time where you didn’t accomplish what you wanted to. It’s a shock to the ego; a chemical imbalance in the brain that shuts you down, sparks an emotional response and delivers a figurative punch in the mouth.

But trust me, that’s all it is. 

Once you realize that it's simply a momentary event in your life—and a feeling caused by your own brain—you’ll be amazed at how quickly you can move past it. 

You are going to face failures in life and business. It’s what you do with that experience which defines your success. Failure and fear can spell the end of a business. But, failure combined with motivation can be a recipe for the most successful business in the world.

I’ve experienced it firsthand. 

But upon reflection, failing was the ultimate way to understand what I was doing well and what I needed to improve on. It also gave me invaluable practical business learnings—for example, when it came to evaluating my assets and company infrastructure. 

I also learned that if you plan for the worst (but hope for the best), when failure inevitably happens down the road, it will lessen the impact. For example, having proper contracts in place gives you clear, black-and-white planning if things don’t succeed. 

While we can brace ourselves for that entrepreneurial punch in the mouth, proper planning on all aspects, from your business mindset, to the practicalities of legal contracts, are the secret to reducing how much that punch really hurts.

Failure will happen inevitably; what are you doing today to soften the blow?

About G:

Gaurav Patel (G) is a seasoned entrepreneur, restaurateur, business consultant, and 20-year veteran of the hospitality industry of Raleigh, NC. He enjoys advising growing start-ups in the local community and mentoring young minds.

Today, G serves as a Senior Advisor at CityPlat, combining his multi-dimensional experience across several leading industries with his passion for development. Together, they continue to change the landscape of commercial real estate in the Triangle.

In 2015, G was presented with a 40 Under 40 Award from the Triangle Business Journal and was most recently recognized as the 2018 Restaurateur of the Year by North Carolina Restaurant and Lodging Association.

G's work endeavors would not be possible without the support of his loving wife, Julie, and their children, daughter Zara and son Azil.

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