Skip links

At SUF 2024, Expert Entrepreneur’s Give Advice on Embracing Failure and Learning from Their Setbacks

The entrepreneurship journey is always portrayed as a smooth path to success, however many entrepreneurs face failures along the way. At the 2024 Start Up Festival, a group of panellists gave their advice on the concept of failure and how to build up and improve from it. Panellists Mallorie Galligan, Michael Mangion and Russell Smith shared their experiences and reflections on the realities of entrepreneurship, the importance of embracing failure, and the mental health aspect of navigating challenges in business.

“The entrepreneur journey is pivotal in making sure to take a step back to reflect, because this can be a rollercoaster of emotions”

Mallorie’s entrepreneurial journey started during the COVID19 pandemic when she realized that her corporate career no longer aligned with her core values. The clients and projects she was working on did not resonate with her personal values, which led to a shift in her approach. Galligan believes that all projects should be something you are proud, fulfilled and passionate to work on, it’s not about who brings in the most money.

If what you're doing is valuable, then there is someone who will give you money to pay for that service"

Michael’s business venture, a mix of Uber’s convenience and Zipcar’s affordability, aimed to revolutionize car driving sustainably. Despite the enthusiasm surrounding his concept, including praise from potential customers, Mangion’s venture failed due to insufficient funding. He learned that having a good idea is not enough, timing and funding are important for success. Michael highlights the importance of connecting your idea or project to people willing to pay for it.

Panellist Russell Smith designed a drug for a disease which showed no side effects, but failed due to a lack of sufficient market demand. Despite the drug’s potential to help people, venture capitalists were not interested because there were not enough patients to make profit. This experience highlights the complex relationship between business goals and the desire to create meaningful impact.

“Knowing when to quit is not the same as knowing when to stop”

Russell’s take on the decline of mental health when a business fails, you lose something you love and it is devastating. When the love is unconditional it’s easier to work through it. If the focus is on one thing only it can be damaging to your well-being. Something to teach the younger generation is to be open to having more than one company and to be open to having more than one product within that and more than one avenue, this acts as a healthier way forward and you don’t get trapped.

Mallorie believes that failure should be normalized. She argues that failure is a sign of courage, not weakness. Anyone who has built something meaningful, has encountered failure along the way. It is through these setbacks that individuals learn, adapt, and succeed. Galligan also highlights the imposter syndrome many entrepreneurs face, particularly women in leadership roles, and thus advises using failure as motivation to speak louder and push forward rather than remaining quiet.

Michael states the importance of failure as a learning tool, particularly in education. He believes that failure should be taught in schools to help young people overcome the fear of it. Failing early in life, when the stakes are low, prepares individuals to handle larger challenges later. For Mangion, maintaining a healthy lifestyle through physical activity like cycling, acts as a reset button, enabling him to face setbacks with strength. As an older founder, Michael acknowledges the added pressure of failing later in life, but remains committed to bouncing back, viewing setbacks as opportunities to grow stronger.

In their rapid-fire advice, Russell advocates for a “never quit” mindset, emphasizing perseverance in the face of adversity. Mallorie counters this by highlighting the importance of knowing when to pivot or quit a specific project, as this can lead to greater success in the long run. Galligan further emphasizes that navigating failure becomes easier with practice, as it builds emotional resilience and adaptability.

This website uses cookies to improve your web experience.