The Art of The Comeback: 14 Ways The Presidential Election Taught Entrepreneurs How To Win When You Lose
A slice of humble pie is usually one of an entrepreneur’s least favorite desserts. However, it’s one of the only desserts where you can gain a few pounds AND gain a few nuggets of wisdom after you eat it.
Whether you’re a business owner like me with over three decades of experience or you’re a brand new entrepreneur ready to take on the real world of capitalism and free enterprise, be grateful… because our country just experienced the equivalent of a crash course in “Lessons You Should Learn If You Want to Be Successful.”
Sometimes I write just to keep my thoughts organized or to simply journal my life for posterity sake. (For those of you who have read my books you know that passing on life lessons to my daughter Isabella is usually the goal.) However, many of the things I’ve heard and seen in our country over the past few months seemed to me to be useful guidance for current or future entrepreneurs. Therefore, I thought I’d share them publicly in case they might be beneficial to someone out there like me who learns more about life and business outside the traditional classroom setting.
Let’s get into it…
1) With an astronomical budget and strong PR team, you can generate enough hype and influence to artificially create a phenomenon- even if the person, idea, or product has already been introduced previously to unremarkable reviews. The general public is very smart, but it can be swayed if the “vibes” are just too FOMO-licious to pass up. Keep in mind though, whether your marketing budget is ten thousand dollars or a billion dollars, you need to be good enough at basic math and accounting to ensure that you stay on budget. No matter what, try to avoid depleting all your funds, or worse, creating a reckless deficit.
2) At some point, the people you have sold an idea, product, or talent to will want to realize gains, tangible results, and actual value. No amount of expert social media ads, endorsements, or brilliant salespeople will be enough to keep up the charade if what you’re selling isn’t the real deal.
3) If a significant number of customers give you a one star review for your product or service, don’t automatically blame them and immediately take a defensive stance when they share their feelings. Even if you can justify your position, there may be a few other underlying issues causing unnecessary friction for your clients of which you were unaware. Or, worse, there may have been a few other internal factors and legitimate areas of concern involved in the complaint that you are choosing to ignore.
4) No matter how bad of a year or years you may have for your business and no matter how many pandemics, hurricanes, injuries, or other setbacks may occur, the ability for you to recover and come back stronger than before is entirely up to you and your mental/physical ability to endure. With intelligence, talent, perseverance, consistency, hyper-awareness, and focus, you can literally change the course of history and deliberately re-create your own future.
5) If you own a very successful business, you will need to be prepared to lose a meaningful amount of money and clientele if you enthusiastically express your political or religious views in a public manner. This includes NOT endorsing any particular idea or ideology as well. Remaining neutral in a public conversation is an art form and I admire those who are able to eloquently chat about both sides of a story, but sometimes, no matter what you do or say (or don’t do or say), it will come back to haunt you regardless. Whether you are for something, against something, or if you abstain, it’s a very dangerous and difficult triple-edged sword to wield.
6) Guilt by association is a real thing. If you have people working for you or representing your brand and someone from that group does or says something that is seen as inappropriate or ill-timed, or both… (even if that’s what they are known for in their own personal life) you will ultimately be responsible for their actions. The public often has a hard time distinguishing between what people do at home and how they behave professionally. No, it’s not very fair, but that’s the reality. The expression "it's not my fault, but it is my problem" comes to mind here.
7) It’s always good to know what your competitors are up to, but it’s also good to know that it’s possible that the information you are getting about your competitors may not be accurate. People lie. A lot. Trust your instincts instead. Now, if you can actually find some reliable sources AND trust your gut, that’s going to be the best of both worlds. Following your heart is also a big part of the process. Bottom line, if you are going to "keep movin’ forward” regardless of what your competition does, it's a good idea to make sure you’re at least movin’ in the right direction.
8.) Just because a team member might be old and suffering from intermittent lapses of cogency, try to avoid punishing and ostracizing them because they might still have enough in the tank to effectively fight back in ways that you won’t anticipate when their actual back is up against the wall. This can backfire tremendously and make your current problem twice as bad as the one you were trying to solve in the first place. Some of the most impactful mentors I have are in their 70s, 80s, and 90s. These folks have been through things in life that most people will never have to deal with nor be able to relate to. From World Wars to the The Great Depression, most of these “senior citizens” went through enough actual hard times to give them more grit and resolve than most kids fifty years their junior. When someone says, “respect your elders,” do it.
9) It will most likely serve you well to listen to and understand what your clients truly want and need you to deliver vs. only listening to what your team is telling you "they think" your clients want and need you to deliver. Trends are very important to be aware of, but feeling the pulse of your local market and culture will always make for better-informed decisions. Sometimes the truth is painfully simple. If your potential customers are all screaming for apples and you try to sell them oranges, your failure should come as no surprise.
10) Meet your customers where they are. If they are trusting the information they’re getting from established podcasts on Spotify and YouTube, go out of your way to promote your product or services there. It seems like common sense, but unless you have a really good reason for not taking advantage of this opportunity, (hint: there is none) this is where you want to invest your advertising dollars, time, and sweat. If you ever mutter the words “I’m doing it this way because that’s the way I’ve always done it,” there’s a good chance you’ve reached a dangerous plateau in your professional life and your competition will leave you in the dust. If you don’t believe me look up Blockbuster, Polaroid, and Blackberry.
11) If someone on your team, a client, mentor, friend, or family member is unable to have an open, reasonable, and pragmatic discussion about a particular topic without resorting to belligerent escalation, it’s time to change who you surround yourself with or at least time to start spending less time inside that circle of influence. Please note that this is VERY different than refusing to hang around people just because they don’t agree with you- especially if facts, common sense, experience, and the laws of science are on their side. Make it a goal to surround yourself with people who tell you things that you NEED to hear, not just want you WANT to hear.
12) If your business beliefs or successes ever get in the way of a cherished relationship you have with a beloved family member, just remember that there is no amount of money that will ever justify such a great loss. Any entrepreneur will tell you that success comes with some unavoidable sacrifices and compromises over the years, like missing an occasional milestone event or special gathering due to scheduling conflicts. However, if you purposefully terminate a relationship with someone you deeply care about because you disagree on a particular business philosophy or ideology, please make every effort to find some sort of tolerable common ground or else that relationship may end up being unsalvageable. Remember, the outcome is almost entirely up to you.
13) As you get older, do everything you can to protect your mind, body, and health. All of the power and money in the world will not allow you to “fake it till you make it” at that point in your life. Reality doesn't currently allow anyone to escape aging and most of the inevitable challenges that come along with it, but, you can significantly extend and maximize your quality of life threshold by taking good care of yourself.
14) Americans love an underdog, but they won’t tolerate an unfair fight. They WILL root for you if you’re a little startup business working out of your garage or if you’re a small mom and pop competing against the big box stores, but they will turn on you in a heartbeat if they find out that you are using unethical practices to put your competition out of business. Basically, don’t ask the referee to tie the other fighter’s hands behind their back and then start the boxing match. And beware, as improbable as it may seem, the other fighter might STILL be able to go the distance, knock you down a couple of times, and eventually pull off a triumphant win. This scenario results in your opponent gaining respect and admiration from the local community while simultaneously causing irreparable damage to the reputation you worked so hard to earn and protect.
15) If given the choice, always under promise and over deliver vs. the alternative. Managing expectations is paramount as you go through your personal and professional life. The ability to “surprise and delight” is priceless and will come in handy no matter your age, what you sell, or what you do for a living.
Regardless of your chosen path, you can always learn enough from your losses to keep future success and improbable comebacks well within reach. If you pay attention when you get your butt kicked professionally, your losses can teach you how to survive and advance and endure and conquer. Entrepreneurs know how to win, even when they lose.
If any of these lessons resonate with you, let me know in the comments below or share this article with a fellow entrepreneur who likes to learn, grow, and win.
Wishing everyone continued health, happiness, and fulfillment.
Onwards and Upwards…
Cheers, –m