Why and How to Embrace More Failure in Business with Lynn Smith
Oct 23, 2024Failure—a daunting word that often paralyzes even the most ambitious entrepreneurs. On this enlightening episode of “Keep What You Earn,” Shannon chats with executive coach Lynn Smith about why embracing failure can be a game-changer for business success. Shannon teams up with Lynn to offer insights that are not only thought-provoking but also essential for entrepreneurs at any stage.
When it comes to reaching new heights in business, fear is a major hurdle. Shannon and Lynn delve deep into common fears like fear of failure and imposter syndrome that haunt many entrepreneurs. Lynn mentions that a lot of her clients, from startups to CEOs, dread sounding incompetent or harming their professional reputation. These fears can be crippling but are manageable with the right approach.
A key part of their discussion centers around what Lynn calls the “brain bully”—the internal voice that undermines our confidence. She shares effective techniques to manage this negative self-talk, emphasizing that creating personal methodologies can lead to significant performance improvements. One of her clients managed to silence her inner critic during a crucial interview, proving the effectiveness of these strategies.
Navigating public perception and cancel culture is another hot topic. Shannon and Lynn discuss strategies to cope with this modern-day dilemma, focusing on authenticity and integrity. Shannon suggests acting as if you’ve already been canceled to diminish fear, while Lynn emphasizes that the news cycle is fleeting and most viral incidents are temporary.
Lynn shares a personal story about an Instagram post that went viral, receiving unexpected backlash. After discussing with her inner circle, she decided to take the post down, prioritizing family considerations over business metrics like four million views. This experience underscores the importance of balancing business decisions with personal values.
Planning is crucial before making major business decisions like quitting a job. Lynn highlights the importance of having a solid foundation in business basics, a reliable CPA, and practical tools like Excel. She advises having a consultative board or informal advisors to offer different perspectives and emotional detachment from business decisions.
Shannon and Lynn also draw parallels from parenting, emphasizing resilience and learning from failure. Lynn shares her approach to teaching her son to endure and overcome failure, rooted in her own experiences of being cut from teams. Shannon adds that failures build grit, while wins build egos, a philosophy that holds true in business.
The conversation extends to societal narratives about success and failure. Lynn emphasizes that early failures build resilience, inspired by stories like Sarah Blakely’s journey from selling fax machines to founding Spanx. Shannon highlights how constant failure and persistence are integral to success.
Both Shannon and Lynn stress the importance of celebrating wins. In industries that move quickly from one success to the next challenge, it’s easy to overlook achievements. Recognizing weekly successes can improve overall business mood and client relations. Shannon suggests maintaining a balance between positive and negative internal narratives for a healthier mindset.
The episode concludes with a powerful message: embracing failure is not just important; it’s transformative. Changing how we perceive and respond to failure can pave the way for authentic, lasting success in both business and life.
Connect with Lynn Smith on her website, lynnsmithtv.com, or follow her on Instagram and LinkedIn @lynnsmithtv. Don’t forget to download Shannon’s free guide, "Money Pro Matchmaker," to find the perfect accounting and tax professionals for your business.
Lynn Smith is a National Media Expert and former anchor for NBC News, MSNBC and CNN Headline News. A seasoned speaker and moderator, Lynn uses her voice on stage to discuss some of the most important topics of our time in a thought-provoking way. Currently she advises corporations and individuals on how to tackle their greatest communication challenges, craft a compelling story, and take that message to powerful platforms in the media. Lynn is also the host of StrollerCoaster: A Parenting Podcast created by Munchkin Inc., an author, wife, and mom to 2 young, active boys.
Gain Unstoppable Confidence inside The Boardroom: https://lynnsmithtv.com/boardroom/
All social media platforms: @lynnsmithtv
What you'll hear in this episode:
03:17 Imposter syndrome: Your brain bully undermines you.
10:40 Assess worst-case scenario; act if acceptable.
15:16 Teaching endurance after failure proves more valuable.
19:06 Daily acts kindness create unique, meaningful impact.
21:05 Embrace problems; mindset shift improves outcomes.
23:38 Focus on successes to outshine small failures.
If you like this episode, check out:
Acquire Cheaper and Better Customers (Financial Priority Formula Part 3)
Lowering Your Price to Sell More?
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