You’ve heard the saying, “Failure is not an option.”
But let’s be honest, failures are inevitable.
If you’re reading this email in April 2023, you’re realizing I’m sending it from a new email with a new letterhead.
Why?
The brand REMIX for this newsletter simply was not working in the way I intended, and you agreed: Asked and Answered.
The Remix was not clear and it FAILED to deliver what I intended and what you expected.
Remember: I did not fail, but my attempt to serve you did.
So I’m slightly adjusting this platform to focus more on business and specifically STRATEGY.
At this point, if you’re looking for real estate exclusive content, please reach out to me directly, or unsubscribe to the letter… I would prefer not to spam you with incredible business strategy insights…
But before you do… recall my letter about Entrepreneurship and Investing and you may realize how important learning Business Strategy actually is.
You may also want to check out my website to understand why STRATEGY is actually the basis of all that I’m good at.
For example:
NO MAMES: MADRID, SPAIN
I once owned a restaurant that ultimately failed.
Despite grappling with staffing, municipality, neighbor, and construction issues, we managed to keep the business running for almost three years before ultimately closing.
Up to 90 percent of independent establishments close during the first year, and the remaining restaurants will have an average five-year life span.
Although the venture resulted in a loss of time and money, I did not become a failure because of it.
Instead, my knowledge and abilities grew exponentially from the experience.
In situations like this, we can look at the outcome as a failed experiment, a failed trial, a failed strategy, or even a failed effort.
Just like The Remix newsletter!
Although the restaurant itself will never reopen, I, as an individual, did not fail in the broader sense. I faced a setback that allowed me to apply the BADD framework and make better subsequent decisions.
Ok so let’s talk quickly about why I choose to “fail in public” – short answer:
Authenticity and trust-building
Feedback and accountability
Learning and growth
Inspiration and motivation
Shifting the Narrative Around Failure
During my recent appearance on the “Know Your Why” podcast, hosted by Jason Balara, we discussed the importance of redefining the concept of ‘failure.’
The idea is that a change in wording may foster a growth mindset and empower entrepreneurs to face setbacks with a more constructive attitude.
The traditional view of failure often instills fear and shame, causing entrepreneurs to avoid taking risks or admitting when they’ve experienced setbacks.
However, this mindset is counterproductive, preventing individuals from learning from their mistakes and growing stronger.
In our conversation, Jason and I explored the idea of reframing failure as a natural part of the entrepreneurial journey.
Instead of viewing setbacks as definitive indicators of one’s worth or ability, we encouraged listeners to see them as temporary obstacles or learning experiences.
This mindset shift allows entrepreneurs to embrace setbacks as opportunities for growth and development, rather than as reasons to give up or feel discouraged.
Embracing the Word ‘Fail’ Without Fear
Accepting and using the word ‘fail’ in our entrepreneurial journey can help us confront our setbacks without fear or shame.
By acknowledging that things can and do fail, we can focus on learning from those experiences rather than dwelling on the negative aspects.
This approach enables us to develop resilience and a growth mindset, empowering us to face future challenges with confidence.
The BADD Way To Succeed 📈
I created the BADD Framework to guide you through setbacks with four simple yet effective principles:
Be prepared to fail – Acknowledge that setbacks happen. Build resilience and adaptability to thrive in the ever-changing business landscape.
Accept failures when they happen – Embrace setbacks as part of your entrepreneurial journey. Learn from your experiences and grow stronger.
Develop a strategy to overcome it – Reflect on the reasons behind setbacks, identify areas for improvement, and create a plan to address these issues.
Don’t let it happen again – Apply the lessons you’ve learned and strive for continuous improvement, minimizing the likelihood of repeating past mistakes.
Your Path to Success Awaits! 🛣️
With the BADD Framework, you’ll be prepared to face the challenges of running a small business head-on.
Embrace setbacks as opportunities for growth, and you’ll foster a resilient mindset that leads to long-term success.
Remember, every setback is a chance to learn, grow, and come back stronger!
Wishing you success,
P.S. Share the BADD Framework with fellow entrepreneurs to help them turn setbacks into successes, too! 🤝