Kay and Andy discuss how failure is a critical part of success. A lot of couples are terrified of failure. What if the business doesn’t do well? What if it does and then it falters? What if we run out of money?
All successful business people experience some level of failure, whether it is having a bad year, losing key customers, or running into a cash flow crisis. Sometimes a great idea eats all your resources and produces little in the way of profit. Some businesses do well and then they are buffeted by competition.
In this episode, you’ll learn an empowering way to approach failure. What to do. How to do it. How to manage fear and anxiety and what failure can teach you in the pursuit of success.
- 2.27: The No.1 barrier that stops most people from starting their own business
- 3:42: How one failure can derail future success. Andy shares about a client he’s working with and shows how to reframe failure in a more empowering way
- 4:38: The school of life MBA process. Tim Ferriss’ advice on one of the best ways to become successful in business
- 6:05: How to overcome a catastrophic business failure. Andy and Kay share the story of when they couldn’t afford to buy diapers for their 6-month old and what they did to get back on track.
- 13:17: The best way to keep money flowing as a business owner. A key principle to stick to when you pay yourself.
- 15:02: An empowered approach to failure. How to avoid reactive thinking or taking steps that move you backward instead of forward in business.
- 20:00: Why failure rocks
- 20:36: How Andy and Kay turned their greatest failure into a victory in 30 days
- 22:34: How Andy and Kay developed and sold their first line of food products
- 26:06: The invaluable skills that being in business provide
- 28:28: Advice to anyone who is failing right now!
- 28:47: A step-by-step process for how to deal with any failure
- 33:01: Embracing failure. A daily ritual you can use to transform your relationship to failure and recondition yourself to embrace it as a part of your growth.
- 34:06: How to squash fear of failure the moment it shows up. Make sure failure never gets in the way of the outcomes you want to achieve again.
The 5-Step Kandy Failure Recovery Process:
- Allow yourself to be pissed. Failure sucks. Your biologically hardwired to not like failing. If you feel like shit that’s normal. Don’t try and feel good. The fastest way to get out of any negative emotion is to go through it. Allow yourself to feel it. Once you do, the pain will subside and you will emerge with a clear mind.
- Review the metrics (stats, spreadsheets) to ground yourself in the reality of how the failure played out. Ask yourself: Why did this happen? What was I doing well/not doing well?
- Brainstorm the best ideas moving forward to decide on the best plan of attack. Any personal happiness trades-off should be short term (ie. taking a job of three months to make enough money to stabilize your business and household). Ask: What do I need now? What are my immediate needs to get out of this crisis? What’s a smart way to approach this? Consider multiple options. Ask other people if you need to. Tap into your community. More minds can mean more (and sometimes way better) options.
- Decide on next steps then get in action.
- Once you start to gain traction and feel better take a moment to look back and celebrate your failure. See it as a part of the evolution of your business and you. This is a critical step. But sometimes it takes time to get over your initial emotional reactions and start fixing what’s been damaged to see why it was good. So give yourself time.
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