The Dark Side Of Entrepreneurship: What Every Coach Should Know About 'Failure'

August 10, 2018
By Nicholas Beames

It's no secret that entrepreneurs fear failure, with claims that a majority of startups fail running rampant in media. To add to the founder's list of concerns, entrepreneurs are 30% more likely than average to experience depression. To me, the question is obvious: What can we do as entrepreneurs to ensure that we’re not only making it into the category of successful businesses but are also fostering a strong, healthy and sustainable mindset toward our work?

As a business coach, I often find myself coaching clients through roadblocks that have nothing to do with their skills or marketing, but instead everything to do with the dialogues they’ve entertained in their minds.If you have ever found yourself spiralling into conclusions that make you want to light your hair on fire, I have news for you: Not a single one of those thoughts should be trusted. Not one.It’s time to stop focusing on the surface-level marketing and instead turn inward to actively rewire your mindset toward what’s possible for you. Because at the end of the day, the only thing that all successful entrepreneurs I know have in common is their mental approach to success.Here are three powerful reminders to turn to whenever you’re having those dark, self-critical moments about your business:1. Failure is a choice, not an inevitable result.When people are stuck in a victim mentality, they believe that the world is doing this to them and they’re just a helpless bystander. It’s easy to say, “Well, I failed.” But if you can learn to take real responsibility for your actions and recognize the immense power you have to transform your situation, it becomes clear that failure is not standing in your way; it's an opportunity to grow. It’s ultimately your choice which direction to take.



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But because many get caught up in the surface-level negative elements of the situation instead of thinking outside the box and finding the learning opportunity, they “fail.”Next time you are faced with a challenging situation in your business, remember that you cannot always determine the result, but you do have 100% control over what you do next. If you choose to view it through a lens of opportunity and growth and leverage those lessons learned for your benefit, you will never fail. It’s a simple mindset shift, but one that can change your trajectory entirely.2. When you realize money is your friend, you receive more of it.One of my favourite quotes by T. Harv Eker in his book The Secrets of the Millionaire Mind is, “Nothing has meaning except for the meaning you give it.” This is what I’m constantly trying to teach my students in order to attract wealth: Money is nothing more than an exchange of energy. It is not good or evil; it does not have a personality, and it does not have any personal vendetta against you. It’s simply energy. And energy flows, never staying stagnant.If you choose to hoard money, fear money, hate money or spend all of your money frivolously, you are strangling that energy flow and preventing more from coming toward you. But when you choose to see money as your friend — something that may help you become a more elevated and full version of yourself — you allow those channels to open and the cash to flow.I say this because I see far too many entrepreneurs completely basing their self-perception on the status of their bank accounts when in reality, your identity and value has nothing to do with your financial status. But if you learn to have a healthy relationship with money and trust that money comes and money goes, you realize how much freedom you truly have and that money is on its way to you right now. It simply comes down to trusting that money is on your side.3. Your surroundings predict your future.Imagine that every single day, you hung out with your five best friends who loved to indulge in unhealthy habits. How long would it take you to start craving the same? To the same degree, if your five best friends were obsessed with Jersey Shore, how long would it be before you were flaunting leopard print and a pompadour hairdo with the best of them?We are easily and quickly influenced by the people we spend the most time with, and that extends to our perceptions of success, failure and possibility. If you surround yourself with people who not only lack what you’re trying to achieve but also see the world through a negative, limited and stagnant lens, you may sink into that mentality, and the results will quickly follow.Instead, ensure that every single day, you are engaging with individuals who have achieved the level of success you’re striving for, constantly seize opportunities for growth, and challenge themselves to think and act bigger. This is the exact reason why I’ve hired more coaches, consultants and mentors that you can count. It is by far the fastest way to get out of a slump and manifest into the best version of yourself.No matter where you are in your entrepreneurial journey, remember that “failure” is nothing more than an imagined crisis that was born in your head. And in order to combat this annoying and persistent voice, you need to actively rewire your brain to become determinedly fixed on abundance, self-love, acceptance, patience and opportunity. If you can do that, I promise you will never fail.