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Growing through experience and embracing failure

Growing through experience and embracing failure

“Maybe good, maybe bad, who knows?”

Guest Blog Sam White, CEO, Stella Insurance – 2022 Enterprise Vision Awards Business Woman of the Year

My favourite life lesson comes from a 2000-year-old Taoist tradition that teaches you that no matter what you’re going through it could have positive or negative consequences. Now, some people might find this alarming, particularly those who are uncomfortable with uncertainty, but I find it a grounding personal philosophy, as regardless of the outcome, it teaches the importance of experience.

Experiences, good or bad, failures or successes, are a valuable way that we accumulate knowledge. As a business leader, the reality is that you will fail more times than you succeed. So, I implore you to get comfortable with the uncomfortable and accept that while you don’t know whether you’ll succeed or fail, you will learn from the journey. After all, in life we go through decisions and think “maybe good, maybe bad, who knows?”, but keep going.

There are many ‘tips’ and ‘tricks’ out there in the world, but what I’ve learned is continue to go for what you want. Try not to hold yourself back and when things don’t quite go your way – stop and reflect before you react.

Don’t be afraid to be disruptive

Knowing what makes you different and what you or your company has to offer is what sets you apart. Don’t be afraid to be disruptive and to go against the grain. A disruptive leadership style, when appropriate, can drive innovation and take your business to the next level. It’s important to be able to navigate change at pace and not be afraid to experiment to change the status quo.

Having worked in insurance for many years and founded multiple businesses, I realised how male-dominated the industry was in terms of culture, product design, experience, and marketing. It’s true that we live in a world designed by men, for men. So, why not change that? This disruptive thinking led me to begin Stella Insurance which is unlike other insurers in the space. We are women-led and we’re proud that the business stands for more than growth and profitability.

Remember that as women and individuals, we have a unique vision of the world, so make sure to use it!

Believe in yourself

I believe that mindset is the single most important factor for everything in life. If you believe you are powerless to change your situation, you will never take the first steps to build your business or whatever it might be that you’re trying to achieve.

It all comes down to confidence. If you are confident and believe that you can do something you are more likely to achieve it, whether it’s going for that promotion or asking for a pay rise. As women, we might be more likely to lack confidence due to how we are socialised growing up and our experiences in the workforce. However, it’s important to fight self-doubt and remain focused on what we have to offer, our objectives and how we’re going to get there. Nobody’s watching so don’t assume other people are judging what you’re doing!

Take action and move towards your goals

Like the point made above, if you don’t act on your goals then nothing will change. Sometimes the hardest part of building a business or making a fundamental business change is knowing where to start.  With the right mindset and a positive team around you, you can make incremental decisions towards your goal. I live by the mindset that if I’m going to fail, I’m going to fail fast – meaning if an opportunity arises, I’m going to go for it!

It’s been proven that funding for women is incredibly difficult to come by and this has been reflected in my personal experiences. It’s also been proven that women are asked much more preventative questions than promotion questions in investor meetings. As a female entrepreneur, securing funding has always been challenging and launching Stella was no exception. I knew I had to be very purposeful in looking for investment and reached out to my network for introductions to appropriate funds. Eventually, I found Envest, a specific insurance-focused fund, and raised 1mil AUD (approx. £530k). I also negotiated a 15mil AUD (approx. £7.9mil) media-for-equity deal to launch in the Australian market, a go-to-market model I have now successfully replicated in the UK. So, act, leverage your network, and don’t be afraid to make a start and see where you land.

Embrace failure and keep going, you’ve got this!

Failure is a necessary part of success, as it allows you to appreciate your wins. When you encounter failure, it’s important to avoid dwelling on negativity and instead focus on learning from the experience. Reach out to your support system, process what has happened, and use it as an opportunity to grow and develop.

Reflection is key to turning failure into a positive experience. By identifying the cause of failure and creating a plan to avoid repeating it, you can bounce back and try again with more tools and knowledge at your disposal. View failure as a stepping stone towards your ultimate goal, and use it to inform your future decisions and take calculated risks.

Ultimately, remember to always test new ideas, adapt and evolve. If in doubt, come back to the fundamentals of being disruptive to create positive change, believe in yourself and keep taking action and learning from your failures. Always enjoy the process, you won’t know the outcome until you get there, but you’ll certainly grow personally and professionally along the way.

Enterprise Vision Awards

The UK's largest celebration of women in business