'Failure Is Just an Opportunity for Growth': How 1996 Olympic Gymnastics Gold Medalist Dominque Dawes Survived and Thrived As a Small Business Owner During the Pandemic Dominique Dawes, the first female African-American gymnast to win an individual Olympic medal, highlights how small business owners can succeed through flexibility and balancing work and personal life.

Before establishing a trio of eponymous gymnastics and ninja training academies, Dominique Dawes was a standout member of 1996's iconic "Magnificent Seven" — the first USA women's gymnastics squad to clinch Olympic gold.

During those Games, Dawes also earned a bronze in the floor exercise, becoming the first female African American gymnast to medal in an individual event. But ever the competitor, Dawes thinks about what could have been. She says she made her greatest athletic mistake during that floor routine: a slip in front of three billion viewers that cost her the gold. Decades later, Dawes has transformed that embarrassing experience into an empowering one. "It's given me the perseverance I have today," she told Entrepreneur. "Whenever I falter in my business endeavors, or I get rejected, I see it as an opportunity for growth."

Hard work and perseverance

Dawes's historic career started and ended at an exceptionally young age. She had her first competition when she was only six and was competing in the Olympics by age 15. By the time she was 24, Dawes was in her third and final Olympics and starting to feel the pressure of figuring out her life after athletics. "It was quite challenging for me," she admits. "I had to search long and hard for something for which I had the same passion and talent."

Related: 'Bite My Face Off!' Shaquille O'Neal Releases New Line of Gummy Candies Shaped Like His Head

After pirouetting from broadcast TV to the Broadway stage, Dawes gravitated towards motivational speaking because of the impact she could make on other people's lives. The revelations of decades-long misconduct within the USA Women's Gymnastics organization strengthened her resolve to be a force for change. "When all of the abuses in gymnastics were brought to light, I realized I needed to be a part of the solution," Dawes says. This commitment to progress inspired her to open the Dominique Dawes Gymnastics and Ninja Academy in 2020, focused on creating a supportive and nurturing space for young gymnasts.

Learning to Be Flexible

In November 2019, Dawes posted a picture of herself smiling with her children on Instagram, showing off her middle splits while signing the 10-year lease for her first academy. Little did she know, just four months later, that a global pandemic would turn the world upside down.

The academy was supposed to open in April 2020, but COVID-19 squashed any chance of that. Nevertheless, Dawes persevered. Proving she can be flexible in more ways than one, she pushed the opening back to July 2020. "I had a chance to walk away and cut my losses," Dawes says. "But I know from experience that what doesn't kill you makes you stronger."

Vaulting Over Obstacles

The setbacks Dawes dealt with as a new business owner during COVID-19 were slightly more relatable than slipping during the Olympics and settling for Bronze. Small businesses around the country suffered record losses during the pandemic, with some studies showing closure rates as high as 43%. In July 2020, the same month Dawes opened her first location, Wells Fargo started the Open for Business Fund, aimed at helping small business owners. The fund has donated roughly $420 million to community development financial institutions and nonprofits between 2020 and 2023, helping over 336,000 small businesses nationwide.

Related: Taylor Swift Is Drawing Up Plays for the Kansas City Chiefs. Here's Why That Is a Great Lesson for Career Couples.

Although her academy did not directly benefit from the fund, Dawes, a consistent advocate for small businesses, embraced the opportunity to support the initiative. "I love that Wells Fargo stepped in and supported these small businesses so they could remain open during the toughest time of their lives," she says. "Ask yourself, how many mom-and-pop shops did you grow up supporting? Imagine how much of a loss that would be for the community if they had to shut their doors."

Maintaining a Balance

Supporting small businesses is personal for Dawes, who grew up in a "family of entrepreneurs." Her father and uncle each owned and operated garbage disposal companies in Takoma Park, Maryland, where they worked long hours every day. Dawes was inspired by seeing family members build their businesses but wary of how taxing the work was on their personal lives. "Running a business full-time can consume you, so it's also important to make sure you have your priorities straight," Dawes said.

While she no longer has to worry about slipping during her beam routine, keeping her balance is still crucial to Dawes's success. When she opened the first academy, Dawes was on site 24/7, putting out fires and assisting with coaching. She quickly realized this wasn't a sustainable lifestyle, especially for someone who values family as much as she does. "If I tried to run this business and coach full time, my kids would never see me as a mom," she says. With her coaching days behind her, Dawes finds other ways to be hands-on. She's interviewed over 100 of her employees personally and tries to sit down with them one-on-one and discuss their needs when possible. Still, there are rare instances where Dawes makes a cameo as the most overqualified substitute gymnastics coach ever to grace the mat.

Related: 3 Secrets to Help You Win Gold at Work, According to Greatest-of-All-Time Olympic Athletes