Often when we see the final product of an entrepreneur we tend to think that they made it because they’re so amazing, and we look at ourselves and think, “I can’t make it because I’m terrible at __________.”
The challenge is that when you look at the successful entrepreneur, you don’t see the comeback they had to make. I can guarantee that whoever gets to the top of the mountain, especially in business, had to overcome a lot of things.
So today I want to talk to those who have hit rock bottom, or a plateau. Perhaps you’ve lost everything or filed bankruptcy, and you no longer feel that you have what it takes to make a comeback. If that describes you, this video is for you!
In this video I’ll cover eight things you’ve gotta do to make a comeback.
I remember the day that I hit rock bottom. I remember the day, I remember how painful it was, and what it was all about. It’s very similar to a bad breakup, where your heart is completely shattered.
A lot of times you come out of a relationship saying you’ll never date another person again; you know it’s a lie, but you tell yourself that because you’re hurt. You may have invested years in a relationship and feel like you don’t want to invest that same time and energy into another person.
Business is similar.
This is why very few people make a comeback after one, two, three failures, because they know what it takes to start over and take the business to the same level again.
If most people knew what it took to build a multi-million-dollar business, very few people would actually start a business. But let me give you the complete opposite side as well. If most people knew what it feels like when you finally build it, and you have the success, I guarantee you that people would be 10 times more urgent about making it happen.
How to Make a Comeback as an Entrepreneur
#1: Find Out Why You Failed in the First Place. – 3:46
This isn’t a time for pointing fingers at others. The only thing that matters is to figure out what you did wrong.
First take out a pen and paper and write down why you failed. Focus on the things that you controlled.
Great coaches study videos. They go back and watch to see where they went wrong. We don’t like to do that as entrepreneurs. We don’t even want to think about what went wrong because it makes us think negative. But it’s what athletes have to do to win the Super Bowl. And it’s the same thing that entrepreneurs that want to win have to do.
#2: Realize You’re Not as Bad — or as Good — as You Think You Are. – 7:03
When people have a lot of success, they think they’re better than they really are. And when people fail, they think they’re worse than they are. The reality is that most people are generally in the middle.
Don’t let yourself, or other people, make you think you’re incredible OR horrible. No one wants to do business with someone that’s in the gutter, and no one wants to do business with someone that’s so cocky they think they know it all.
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#3: Be Prepared for Crap to Hit the Fan. Again. – 7:58
Why? Because it’s going to. In the world of boxing, if you’ve been knocked out before, you know to keep your guard up.
The same should be true in business. It’s good to have a little bit of paranoia, because crap’s going to hit the fan. But this time, because you’re paranoid and prepared, if it happens, you’ll be able to just dust yourself off and move on.
#4: Don’t Back Off Too Much. – 8:47
When my son was 18 months old, he was swimming, and he fell. When he was under water, he started panicking. Initially my wife didn’t want to put him back in the water, and all I could think was, “If you get hit in the face, you’ve got to get back, you’ve got to get hit again. You have to get back in the ring again.”
If you don’t do so immediately, that fear stays there forever.
So I took my son back to the pool. He was in an absolute panic. I took him into the pool with me, and just held him. After holding him for a while, I started to swim with him, and in just a bit, he let go and started swimming again. And now we can’t stop the kid from swimming.
When you have a setback as an entrepreneur, get back into the ring. Immediately.
[bctt tweet=”When you have a setback as an #entrepreneur, get back into the ring. Immediately.” username=”patrickbetdavid”]
#5: Don’t Stop Dating. Get Back in the Field but Don’t Rush to Get Married Immediately. – 11:38
I’ve had friends who called me who were ready to get married after a third date. For every story that you hear where that worked out, there are 50 that ended in divorce.
When you’re starting business again, take it slow. Go back to the previous points in this video. This time, do more research and do your due diligence before you “get married.”
#6: Don’t Let Failure Define You. – 13:10
It’s more about how you respond to the failure, than an actual event.
#7: Seek Counsel from the Right Source. – 13:24
Seek counsel from someone who experienced the same type of situation as you and came out of it.
[infobox maintitle=”Recommended Video” subtitle=”How to Choose a Mentor” bg=”gray” color=”black” opacity=”off” space=”20″ link=”http://patrickbetdavid.kinsta.com/how-to-choose-a-mentor-seek-trifectas/”]
#8: Read Comeback Stories. Watch Comeback Movies. – 13:33
There are plenty of examples of people who failed and made comebacks. Howard Shultz and Steve Jobs were both fired, Dr. Seuss was turned down by 27 different publishers until someone finally accepted him and he’s now sold more than 600 million copies of his books, JK Rowling was a single mother on welfare, and she became the first female billionaire as an author. And there are numerous other examples.
As simple as this sounds, you have no idea how much it helps to be inspired by these stories when you hit rock bottom. The reality is that there is a reason we respect successful entrepreneurs so much; it’s because very few make it to the highest level because it’s not easy.
A Fan or Spectator
You can choose to be a fan or a spectator for the rest of your life, or you can get back into the arena each time you fail. And when you do get back into the arena and fight, and make a comeback, what do you think your kids will talk about for the rest of their lives? They’ll say things like, “My dad came back” or “My mom is a fighter.”
There’s a certain level of respect and admiration for those who come back — and that’s something amazing to experience.
I’ve said it so many times — when you’re on your deathbed, you’ll remember the times when no one thought you would do it. And you’ll remember that you didn’t really feel like doing it. Logic told you not to do it.
But your emotions told you that you didn’t want to live with regrets and to go make it happen. And you did.
That’s why we live this life and why we can die in peace, because we know we fought.
You can’t put a price tag on that. You can’t buy it at Wal-Mart, Nordstrom or Macy’s. You can’t even buy it online at Amazon. It’s not for sale.
Success as an entrepreneur only happens through hard work and dedication, many times without anyone seeing you and cheering you on.
So if you’re someone who’s at a challenging time in your life and business:
- Watch this video again
- Go through these eight points
- Assess yourself
- Put in a plan of action
- Get back into it, don’t hesitate, and play offense.
Maybe you’re not at a time like this right now, but if you know someone that’s going through this, share this post with them. Challenge them, and inspire them to get back into the ring. Because chances are, the success that they’ve always wanted to have is right around the corner for them, as long as they get back into the ring.
If you have any questions, leave them below. And if you haven’t yet subscribed to my YouTube channel, click on the button below to subscribe.