05/06/2026
Entrepreneurship is indeed a long, hard journey… So we’d better have lots of patience, persistence, and perseverance!
: Recovering from your failure
__"By endurance we conquer" - Ernest Shackleton
Many of you over the years have written to me asking me what you should do when the business is failing or fails completely. Given that 70% of all start-up ventures fail within the first year [a global phenomenon], the chances are high that I’m speaking to a lot of people who have faced failure or know someone facing failure.
I’m not just here to speak to you about the glory of success and its fruits. If that was my interest I would use Twitter [X] and Instagram and tell you what I had for breakfast! I’m also not here to tell you it is going to be easy.
Entrepreneurship is very hard. Chances are very high you will hit some speed bumps and suffer a real smash-up. But “chill” if you can. It has happened to all great entrepreneurs, even if you don’t see it in their lives today.
It also happens every single day in some of the biggest, most robust companies in the world. They downsize, shut down factories, close outlets, stop poor-performing product lines and services, and shut down whole companies.
__These are the difficult decisions an entrepreneur has to make. It is difficult, full stop.
So, when you hit a speed bump (which you will), what do you do? You have to calmly and courageously manage the process, quickly, efficiently, and with as much empathy as possible.
Keep talking to people, even if they are being aggressive and unreasonable. You feel down and low. So do others, believe me. Show grace.
It may feel like it, but it is not the end of the world. A new chapter will come to pass in due course. Never allow yourself to see it any other way.
Don’t beat up on yourself or sink into low self-esteem. Welcome to entrepreneurship! Failure will always be part of the game. That is why “risk” and “entrepreneurship” are words you always find together.
As you dust off, here are five things to keep in mind:
#1. First things first:
Remember what one of my mentors said: “Humility is the most important quality”. Show humility and practice it as best you can with all stakeholders.
#2. Protect the root:
Remember the story I told you about the vine farmer [the guy who grew grapes]. Remember the old man? As the fire raced straight toward their vineyard, he told his son: “Protect only the root!”
You must know what is the core element of your entrepreneurship. It might be a small handful of people. I remember when we had to leave Nigeria in 2003. Whilst the reason for our departure was outside my control, since that was not the outcome I wanted, it was a harsh failure for me. I felt chastened and yet I had clarity of mind, and was fierce in battle!
Other than the Bible which I read daily, I also read a small book called "Shackleton’s Way" over and over again because of its unique insight of leadership in extreme conditions.
Even as we left Nigeria shaken and badly bruised, I knew where the root of our business was and I kept it carefully protected. It was a core team of loyal diehards who would have trusted me to get them out of Antarctica. Even those who got retrenched saw it was a temporary thing, and most of them were back with me in a few short years.
“Chief, we believe in your vision, even if we have to leave for a while.” We celebrated every small victory as though we had won the World Cup!
Africa, at its worst, can be a tough place. I had to deal with challenges that were totally existential from both Zimbabwe and Nigeria at the same time.
#3. Keep the vision:
Don’t lose sight of what you wanted to achieve but stay solidly grounded to reality. Fight each day’s battles with passion. Have a plan for each day. Remain flexible, adaptable, and above all don’t give way to the debilitating emotions of anger, bitterness, or shame.
And remember! Only fools lash out and vent on social media when they read negativism about themselves or their company's challenges. It's part of what happens these days. Handle with grace and care.
They go low, you go high. You have not failed. The venture has failed, but YOU have not failed! Stay away from those people who make you want to feel like you have failed.
#4. ReEnergize your batteries:
Take time out. Take the kids out. Visit your grandmother. Go to the gym or take a long walk. Pray. Read. Stop thinking and thinking about it. Watch the sun rise with a notebook in hand.
Be like a professional football player after a loss. Those guys lose a World Cup that they worked for and dreamed about for eight years. Now they are out. But within a few weeks, they are back at their club, as though nothing happened. They will always tell you they learnt a lot.
#5. Tend the root:
Keep an eye out for the first green shoots of the root from the old vine. It always comes, and that is the faith of the entrepreneur!
You are about to become a great entrepreneur. Yes, you.
then go back and play with all you have.
What did you learn so far?
Image credit: With thanks to photographer Eric Baccega. Baringo Lake, Kenya.
