Embracing Change and Failure to Succeed in Business Change doesn't have to be scary, and neither does failure. With the right mindset, small business owners to global companies can overcome uncertainty and lead their businesses into prosperity.

By Emily Washcovick

Opinions expressed by Entrepreneur contributors are their own.

Courtesy of Yelp

The thought of failing stops many people in their tracks. After all, if you start something and it fails, what was the point in trying? According to Entrepreneur Editor-in-Chief Jason Feifer, failing is actually the first step toward success.

Thanks to his position in business and publishing, Jason is able to speak with many people running successful businesses of all sizes and tries to learn something new from each conversation. While most are inclined to talk only of their successes, Jason says it's the mistakes that teach the lessons.

Some of the best business advice he ever received came from none other than Ryan Reynolds, a successful Hollywood actor who has also created multiple business revenue streams outside of acting.

"[Ryan] told me that to be good at something, you have to be willing to be bad, and it made me realize that too often we think that if we try something new and we are not immediately successful at it, then it is just not for us. We should give up," Jason said.

Related: Why Ryan Reynolds Says "You Can't Be Good At Something Unless You're Willing To Be Bad"

"But the point that Ryan is making is that everyone is bad at first. Everybody. So the difference isn't whether or not you are good at the beginning of something, but rather whether or not you are able to tolerate being bad long enough to get good."

In addition to the willingness to fail, entrepreneurs must also be willing to take some risks, a necessary personality trait to build a successful business. One idea that can trip up even the most successful small business owner, Jason said, is getting caught up in the mentality that change equals loss.

"[When] something is changing in our lives or our business, the first thing we do is think about the things we are familiar and comfortable with that are no longer going to be as much of a mainstay, as reliable as they used to be, and that feels like loss," Jason said.

Although that reaction is human, there are ways to mitigate that initial response and turn an unexpected change into a successful business pivot. Panic, at least at first, is a natural response, but what happens next can be a make-or-break scenario.

"We need to think, 'Well, this has happened, so what am I gonna do about it?' Look at what is available to you—the new normal—where you start to build a new foundation," he said.

For many business owners and entrepreneurs, their products or services are an inseparable part of their identity, which, while understandable, is also one of the biggest barriers to adapting to new situations. Jason says managing change is easier when the business's mission—and the owner's identity—is not necessarily tied to one product or service.

"This is so natural, everyone does this. Are you identifying with the product of your work or the role that you occupy? Because if you are, then as soon as those things change (and they will), you don't feel just a sense of change in your work. You feel a loss of identity. That's very scary," he said.

Instead, Jason recommends looking to the future and paying attention to how the business is growing (or stalling). This can help owners make changes before they absolutely must, and by instigating change themselves, they can make more solid business decisions and have more control over the business's trajectory.

Jason explained when to initiate changes with an analogy he learned in one of his many conversations. "Imagine you're driving down the street in a car, and the door falls off. Is that a problem? Yes. But can you still drive? You can. The car still goes. Now imagine you're driving down the street, and then the engine falls off. Can you drive? No, the ride is over.

"So you have to understand what you are looking at when you're looking at a problem. Are you looking at a door or are you looking at an engine? Because if it's a door, then you can make small tweaks on the margins. But if you're looking at a problem and it's an engine, and in three to five years that engine is going to fall off the car, then you have to start now."

More lessons Jason has learned over the years that could benefit your business include:

  • Don't be afraid to ask questions if you don't understand. Many experts would rather you ask questions and get a business decision correct than to guess and get it wrong.
  • Trust between you and your customers is critical to building great reviews online. Being honest about your pricing and services, even if more expensive than your competitors, can help make you a trusted expert with consumers.
  • Critical reviews can help you improve your business. For the most part, reviewers want to help you make a better product or point out issues you may not notice as an owner. Harness that feedback to strengthen your offerings and the customer experience.

Listen to the episode below to hear directly from Jason, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

Available on: Spotify, Apple Podcasts, Google Podcasts, Stitcher, and Soundcloud.

Emily Washcovick

Small Business Expert at Yelp

As Yelp’s Small Business Expert, Emily is meticulously focused on helping local business owners succeed and grow. Her expertise lies in customer engagement, reputation management, and all things digital marketing. Through speaking engagements and thought leadership, Emily shares industry insights that entrepreneurs in any business category can leverage for the growth and well-being of their businesses. She is also the host of Behind the Review, a podcast from Yelp and Entrepreneur Media, where each episode features conversations with a business owner and a reviewer about the story and lessons behind their interactions.

Editor's Pick

Related Topics

Business News

Christian Influencer Found Guilty of Defrauding Dozens, Ordered to Pay Nearly $90,000

Dana Chanel was the co-owner of two businesses that she heavily promoted to her 1.1 million Instagram followers.

Money & Finance

How to Calculate Your Net Worth and Grow Your Wealth

Use this online tool to gain a clear picture of your personal net worth and protect your financial future.

Business News

These Are the Top 10 'Mega Airports' in North America, According to a New Report

J.D. Power's annual ranking named Detroit Metropolitan Wayne County Airport highest for customer satisfaction for 2023.

Business News

Rupert Murdoch Is Stepping Down As Chairman of Fox. Meet His Son Lachan, the Real-Life 'Kendall Roy' Taking Over the Family Business

Lachlan will now be the sole executive at the helm of the Fox and News Corp global media brands.


AI vs. a Human Touch: Finding The Right Balance When It Comes to Branding

With branding at the forefront of every marketing strategy, finding the balance between AI and genuine human interaction will help brands foster authentic connections and enhance the customer experience, ultimately driving them ahead of the competition and facilitating long-term growth.

Business News

Renowned Federal Judge, 96, Faces Yearlong Suspension For Refusing to Retire

Judge Pauline Newman, a highly respected figure in patent law, has been suspended for one year by her colleagues due to mounting concerns about her mental fitness.