Setbacks are inevitable in every career journey. My transition from private banking to yacht brokerage has been no exception. Each failure and obstacle I faced became an opportunity to learn, adapt, and grow. This article is about embracing setbacks, finding resilience in adversity, and using these experiences as catalysts for personal and professional development.
Facing the First Big Setback
When I left private banking in 2020, after two decades, I ventured into consulting with high hopes. However, my vision for Monaco’s technological transformation didn’t resonate with potential clients. Despite my best efforts, I found myself struggling financially and running out of savings. This initial failure was a harsh reality check, but it also taught me the importance of perseverance and flexibility.
Embracing Humility and Learning
Starting over in a new industry requires humility. When I transitioned to yacht brokerage, I had to accept that I was a novice in this field. This mindset allowed me to approach each task with a willingness to learn. Working as a runner at the Monaco Yacht Show, I absorbed everything I could about the industry. This hands-on experience was invaluable and reinforced the importance of starting small and valuing every learning opportunity. I guess that’s what’s called “back to square one.”
Finding Strength in Vulnerability
Admitting to struggles and asking for help is not a sign of weakness but strength. Despite initial hesitation, I reached out to friends and industry peers early on. To my surprise, they all guided, supported, and motivated me. In fact, many of them still do, even though I work for the competition. Their constant encouragement helps me navigate the challenges and build a network of trusted advisors. This experience underscores the importance of vulnerability in building authentic relationships.
While all this sounds good, it may seem rather complicated or vague. Hence, I wanted to give you an insight into my personal toolbox for dealing with failure.
Strategies for Overcoming Setbacks
1. Reframe Your Mindset
It is crucial to change how you perceive failure. Instead of viewing setbacks as dead ends, see them as detours leading to new paths. Each failure is an opportunity to refine your approach and try again with more insight and experience.
The other day, I came across a quote that praised the word no. It may initially sound counterintuitive, but what if you think of NO as the Next Opportunity?
I guess what it meant was, don’t get stuck if you receive a no. You’ll likely hear it far more often than yes. So, get used to it, don’t look back, and focus on the next thing at hand.
2. Set Clear, Achievable Goals
Setting specific goals can keep you focused when attending industry events or pursuing new opportunities. Clear objectives help measure progress and provide motivation, ensuring your efforts are purposeful and directed.
Most tasks that seem unsurmountable never really are impossible to tackle. I know the overwhelming feeling that leads to anxiety and procrastination all too well. So here is what helps me:
Step 1: Breaking the issue down—Instead of looking at the problem as a whole, take a minute to determine individual steps and group them into tasks.
Step 2: Gamify your tasks—Our brains work best with incentives. Completing the tasks one by one will give you a constant sense of achievement. If you need a little extra motivation, give yourself a small reward each time you complete a task.
Step 3: Review—Set yourself regular review points. While being critical of your progress is good, don’t let it pull you down. If you feel you’re not getting traction, analyze why and make adjustments. Have you been overambitious in the first place? Then, break the tasks down even further. There is no right or wrong, but by setting yourself achievable goals, you’ll keep motivated. Ambition is good, but overambition will quickly lead to frustration.
3. Leverage Your Unique Strengths
My background in finance gave me a unique perspective on yacht brokerage. Understanding the holistic side of wealth and how a yacht fits into a client’s lifestyle allowed me to offer tailored advice. Leveraging your unique strengths can set you apart and turn perceived disadvantages into advantages.
Sometimes, finding your unique strength is easier said than done. I struggled with that bit for a long time. It turns out I was looking in all the wrong places. Your unique strength is not necessarily a specific skill you might find on a CV. It can be a combination of factors.
In my case, I was always able to make solid, genuine connections with people, but I always believed I wasn’t a “sales” guy. Only to realize the sales part wasn’t the issue. I simply did not identify with the products I sold.
Remember, you are more likely to be successful if you do something you are passionate about.
4. Develop a Support System
Navigating setbacks is easier with a strong support system. Mentors, peers, and friends can provide guidance, share their experiences, and offer a different perspective. Building and maintaining these relationships is crucial for long-term success.
While it may sound good on paper to be “self-made,” no one really is. The problem here is overcoming your ego and letting your guard down. It’s not about nurturing your bruised self with others’ help. It is about using your connections to gain a unique third-person perspective and a different angle. Having mentors and peers to share your successes and setbacks allows you to grow much faster. More importantly, the ability to be vulnerable will greatly expand your comfort zone, reduce anxiety, and boost your motivation when you need it most.
5. Practice Self-Compassion
Failure can be discouraging, but being kind to yourself is essential. Recognize that setbacks are part of the journey and that everyone experiences them. Practicing self-compassion allows you to recover more quickly and maintain a positive outlook.
Every successful entrepreneur I have encountered has more stories of failure than of success. What sets them apart is that they keep going, while others give up. I developed the habit of journaling, and although I don’t do it regularly, it really helps me put things down on paper. In doing so, I reflect on the situation, as if I’m conversing with my inner self.
Remember the “Reframe your Mindset” topic I touched upon earlier. Practicing self-compassion is a significant part of that.
Lessons Learned from Setbacks
My journey taught me that setbacks often carry the most valuable lessons. They taught me resilience, the importance of adaptability, and the power of a supportive network. Each failure strengthened my resolve and gave me the clarity to refine my goals and strategies.
Being able to deal with failure will likely be your greatest asset. It will keep you going when others give up. So, don’t focus on your successes in life. Focus on the setbacks. In other words, learn to spot the light in the dark, and you won’t be surprised if you find darkness in the light.
Looking Forward
As I continue establishing myself in a new career, I focus on becoming a trusted advisor to my clients. My goal is to build a network of peers and contacts across various fields, creating the best possible value for my clients. I am committed to turning every setback into a stepping stone toward this vision.
Focusing on the success and the “what could be” would definitely be more fun, but I am almost certain I’d be in for a rude awakening.
So I just let things run their course, face my challenges in the best way I can, and trust the process.
Conclusion
Setbacks are not the end but the beginning of a new chapter in your career journey. Embrace them, learn from them, and let them propel you forward. With the right mindset, support system, and willingness to adapt, you can turn any failure into a foundation for future success. Remember, resilience is built not by avoiding failure but by facing it head-on and emerging stronger.