Turning Failure Into Fuel Lessons on harnessing setbacks for growth

Unlock the power of failure. Entrepreneurs often worry about it, but by embracing setbacks, you learn what doesn't work, push the boundaries to innovate, and cultivate the resilience needed to succeed. From homelessness to scaling mountains, Mike Greene's story is a testament to resilience and the transformative power of learning from setbacks.

"When writing the book with an experienced ghostwriter, we discussed potential titles. I suggested "Failure Breed Success," and she objected, advising against using 'failure' in the title. She cautioned that using "failure" could discourage readers, citing society's tendency to ignore failures. However, I believe modern society often underestimates its significance. Nearly every successful individual—whether a businessperson, entrepreneur, athlete, or politician—has faced setbacks on their journey to success. Mastery in any skill often begins with overcoming initial challenges, where persistence in the face of repeated failures proves essential.

Since childhood, whenever things didn't go as planned, my mom instilled in me the mindset of resilience. Her advice was always clear: "When someone knocks you down, get up, dust yourself off, and keep moving forward." This early lesson taught me that setbacks are a natural part of life. It's important not to dwell on them but instead to gather strength, learn from the experience, and continue growing.

After losing my first business and becoming homeless due to fire damage, my wife and I took odd jobs to get by. Despite initial self-pity, a visit to the library turned my perspective around. Discovering a self-help book by Richard Branson, I realised failure didn't define me. It inspired me to become an avid reader, believing in the adage that readers become leaders. Reflecting on my failures, I saw them as opportunities to learn and grow. I acknowledged gaps in my business knowledge and committed to improving in areas like financial management and marketing. This shift in mindset taught me that failure is integral to success, pushing me beyond mediocrity.

When people question why I focus on failure, I explain that learning from others who have bounced back is crucial. Reflecting on my own experiences, despite business failures in my twenties, I achieved significant success. Stepping back, I realised I was mostly right—about 90 to 95%. The remaining 5% posed risk, like a flawed recipe ingredient. I improved by strengthening financial knowledge, considering hiring a financial director, and practising delayed gratification. Embracing failure taught me to address weaknesses and leverage strengths for future challenges.

My podcast Success As A System focuses on interviewing individuals like Charlie Mullins, and Dame Mary Archer. I've come to realise that cliché as it may sound, the real reward in life lies in the journey itself, and failure is an inevitable part of every journey. Many successful people share that if given the chance, they'd embrace failure even more because they understand that beyond failure lies great rewards that most people never attain due to their fear of failure.

This perspective has led me to actively pursue endeavours with risks, knowing the power of overcoming them. For instance, in a month, at 60 years old, I'll be trekking up a mountain on the Russian-Georgian border, over 5,000 metres high, through deep snow. Despite the risks involved, I know the exhilaration of standing at the summit, having experienced it on mountains like Kilimanjaro. The temporary pain and hardship vanish the moment you achieve your goal. People often hear cliche quotes like 'failure is not fatal' and discard them as such, rather than saying they're a cliche,because they're said a lot. Look at failure and say, 'Can I go again?'

After falling during an acclimatisation climb for Kilimanjaro, I returned four years later. On the descent, I broke my fibula and tibia. People would sympathise, saying it was a shame I couldn't conquer the mountain. Though well-meaning, their comments stirred something in me—I hadn't failed Kilimanjaro, just that attempt. I never doubted I would return and achieve it. And I did, 4 years later.

Looking to advise entrepreneurs today I would say build a brand, not an ego. In 2024, many are caught up in the influencer culture, striving to appear successful by renting luxury cars or staying in lavish villas. They're creating a facade of success, but the time spent on maintaining this image could be better used achieving genuine success. An obsession with appearing successful stems from a deep fear of failure, but if you avoid failure, you'll never be truly successful.

A combination of education, work ethic and self belief makes you unstoppable. Education extends beyond formal schooling; it's about daily learning, whether through reading or embracing timeless wisdom. A mentor doesn't have to be sat next to you; they can be someone from history whose insights live on in books, audio, or videos. For me, my book is partly biographical, guiding readers to create a strategic plan. More importantly, it's about leaving a mark that says: if someone like me can succeed, then anyone can.

I've failed, I've been bankrupt, I've been homeless. It's all a part of me and the recipe of my life. "