The question for session 5:
What was your greatest failure? What happened and what have your learned from it?
Here are the headlines:
- Jonathan Bradley | Lessons from SignPik: The Challenge of Changing Market Behaviour
- Jonathan Nichols | The Risk of Not Taking Enough Risks: Lessons from a Business Acquisition.
- Declan Armour | Weathering the Storm: Lessons from a Construction Business Crisis.
- Andrew Rimmington | Starting as you mean to go on.
- Bryan Chung | Saying No to Say Yes: The Value of Strategic Decision-Making.
Jonathan Bradley reflects on a significant business venture he embarked on, which taught him valuable lessons.
Jonathan joined a business called Applelec in 2018, which manufactured bespoke signage. He came from a background with successful business models and believed he could replicate that success in his new role. He suggested a model similar to what had worked in his previous experience, where they anchored prices and designed offerings for resellers to create a strong market presence.
Jonathan launched a new venture named “SignPik,” aiming to standardise products to simplify the buying process. They created a glossy brochure and received positive feedback from various sessions and stakeholders. However, there was one piece of feedback he initially overlooked.
A successful individual from Harrogate cautioned Jonathan about underestimating the challenge of changing market behaviour and making life easier for customers. Jonathan initially brushed off this feedback, but as he would later discover, it held significant wisdom.
The venture was launched in February 2020, just before the world faced disruptions due to the COVID-19 pandemic. The concept of allowing customers to pick and mix products did not go as smoothly as planned. Customers wanted specific sizes and configurations that contradicted the idea of standardisation. The concept failed to gain traction.
Jonathan reflects on the lessons learned from this experience. He acknowledges the importance of not assuming that what worked in one industry will automatically work in another. He stresses the need to listen to feedback, even if it challenges your initial beliefs, and to consider different perspectives.
The most significant lesson Jonathan learned was the difficulty of changing people’s minds and behaviours. He realised that demand generation and changing customer behaviours take time and patience. He also recognised that if he had known how slow the process would be, he might have approached the venture differently, with a more subtle and gradual launch.
In summary, Jonathan Bradley shares his experience with a business venture that taught him the importance of being open to feedback, considering market behaviour, and understanding the challenges of changing customer perceptions and behaviours. He emphasises the need for patience and adaptability in the business world.
Jonathan Nichols reflects on his experiences and the concept of failure and risk-taking in business. He begins by discussing the word “failure” and how it relates to making mistakes. Jonathan mentions that he hasn’t made many failures, which, in his view, could be a problem in itself. He recalls a conversation with someone named Richard who encouraged him to take more risks.
Jonathan reflects on how he has been more cautious with other people’s money, striving to be a good steward of it. One of the biggest risks he has taken was starting something new as he got older, and he acknowledges that the outcome is yet to be determined.
He then delves into a specific business acquisition involving a furniture hotel brand called “Fuse” that went into administration. Jonathan explains that they had experience in woodworking and manufacturing, making this a seemingly good opportunity. However, despite some synergies, the business ultimately didn’t work out. He attributes this failure to his over-delegation of responsibilities to a colleague who struggled with the role. Jonathan admits that he should have provided more support and didn’t get involved enough in the business’s operations.
He highlights that he typically believes in being a supportive person but acknowledges that in this case, he overpowered his colleague and didn’t offer the necessary guidance. Unfortunately, the business eventually closed down, and Jonathan reflects on how it could have been different if he had been more involved.
In summary, Jonathan Nichols discusses the importance of risk-taking in business and reflects on a specific business acquisition that did not go as planned due to over-delegation and lack of involvement. He emphasises the need for active leadership and support to ensure the success of a business venture.
Declan reflects on his past experience with a construction business that faced financial difficulties in 2013, ultimately going into administration. He emphasises the lessons learned from this challenging period.
Declan mentions that initially, he felt overwhelmed by the number of choices and challenges facing the business. The financial crisis in 2013 was a tough time both for the business and personally. However, he stresses that he learned that even in the darkest times, the difficulty is only temporary, and he cites the phrase “This too shall pass.”
Despite being a significant civil contractor in Yorkshire at the time, Declan emphasises that negative press and online coverage didn’t define their future. He learned the importance of not dwelling on the past, as today’s news becomes tomorrow’s forgotten story.
Declan reflects on what caused the business to face such challenges. He points out that one key issue was that they spent too much time working in the business and not enough time working on the business. He suggests that allocating at least 20% of their efforts to working on the business and setting clear goals and values were essential for business success.
He stresses the importance of having a clear purpose or “why” for the business, as it has made a significant difference in his subsequent endeavours.
In summary, Declan shares his experience of facing adversity in his construction business in 2013, emphasizing the temporary nature of challenges and the need to focus on clear goals and values to build a more resilient and successful business.
Andrew shares his journey in a business that closely resembles Declan’s experience. He mentions that he started his business 16 years ago in 2007 but didn’t begin trading until 2008. Initially, he was confident in his engineering abilities but lacked the skills necessary for business management. He realised over time that he was working too much in the business, doing engineering work, and not enough on the business.
Andrew highlights the importance of stepping back from doing what one enjoys as a business grows. He stresses that to enable growth, a business owner must focus on the business itself, set clear goals, and establish systems and procedures.
He mentions that they were introduced to a mentor named Peter Crookshanks around 2019-2020, and with his guidance, they navigated challenges like the COVID pandemic and improved their business’s systems and procedures. They now have clear goals and visions that people in the company can rally behind.
Andrew reflects on the journey and how they learned valuable lessons along the way. He emphasises the importance of sharing these lessons with others who are on a similar path, so they don’t go through 12 years without knowing what he has learned.
In summary, Andrew shares his experience of starting a business without the necessary business management skills and how he learned the importance of working on the business rather than just in it. He also highlights the value of mentorship and the importance of sharing lessons with others who are on a similar entrepreneurial journey.
Bryan shares his perspective on a specific failure in his business journey, which involved taking on work that was not aligned with his identity and goals.
Bryan starts by recounting how he took on a job teaching whole-class ukulele in primary schools, which was a departure from his usual work. He reflects on the idea of saying yes to everything, a piece of advice often heard in motivational videos and lectures by successful people. Bryan questions the wisdom of this advice and its prevalence.
He argues that saying yes to everything may not be the best approach because it oversimplifies success stories. Bryan believes that we only hear about the successes when people say yes, while failures go unmentioned. He argues that it’s not necessarily the act of saying yes to everything that leads to success; rather, it’s the one yes that makes the difference.
Bryan shares that this experience was a turning point for him. He realised that by giving his time to something that didn’t align with his goals and values, he gained financially but not in terms of career capital. He learned the lesson of not saying yes to everything and the importance of saying no more often. He advocates mentally defaulting to saying no and evaluating decisions based on how much value they add to one’s goals.
He emphasises that all decisions should be seen as investments, not just financially but also in terms of time, which he considers more valuable than money.
Bryan concludes by posing the question of how to be in a position to say no more often. He suggests that being in a good position where you’re not desperate for any type of work is essential.
In summary, Bryan reflects on a specific failure in his business journey and discusses the drawbacks of blindly following the advice to say yes to everything. He advocates for a more strategic approach to decision-making, saying no when necessary and viewing decisions as investments in one’s goals and values.