7 execs share their worst setback and how it ultimately helped them find success by on May 25, 2018, 1:19 PM Advertisement
 - Your biggest setback can be an opportunity for your greatest success.
- That's how seven successful entrepreneurs and executives overcame the failures in their careers.
- From real-estate tycoon Dottie Herman to Overstock.com's CEO Patrick Byrne, their lessons could help lead your own failure to the greatest success of your career.
Everyone grapples with setbacks and obstacles on the path to success. Sometimes, a breakdown can lead you to a significant breakthrough. Here's how seven successful entrepreneurs and members of The Oracles overcame failure to fast-track their ultimate success. SEE ALSO: 'Fail fast' isn't just tech startup jargon — it can make a huge difference for entrepreneurs in any field 1. Appreciate that failure presents a defining moment  Dottie Herman, CEO of Douglas Elliman, a real estate brokerage empire: At 39 years old, I started having terrible chest pain but ignored it. Eighteen months later, I discovered I had a 99.75% blockage in my main artery. At the time, I was in the middle of negotiating with Prudential for a $72 million loan to purchase my company. When I learned that I needed immediate surgery, I asked my doctor if he thought my blocked artery was a sign I shouldn't buy. He asked, "Do you love what you do?" I said, "It's my passion." He then replied, "Then you must go through with the purchase, or the stress of not buying the company could end up being worse for you." He was right. After my surgery, I headed to New York to finish our negotiations. When things got heated between the parties, I took one of the bankers aside and explained my situation. Hearing the sincerity in my voice, Prudential knew I was the right buyer, and we closed the deal. Sometimes, an unforeseen setback will present you with a defining moment. Major challenges can force you to muster the resolve to achieve your greater purpose.
2. Trust your gut about character  Patrick Byrne, CEO of Overstock.com and tZERO: Everyone says they learn from their mistakes but too often repeat them. In the past, I didn't trust my gut about people. Some executives on my team seemed to be self-serving and actively working against their colleagues. I ignored it, but my gut turned out to be true. The lesson? Trust yourself more. Be unforgiving about character and loyalty. Remember, there's no trade-off — if someone doesn't have the right character, it doesn't matter if they have the right skill set. It's a huge mistake to hire them.
3. Clarify your 'why'  Mark Divine, retired U.S. Navy SEAL commander, founder of SEALFITand NYT/WSJ bestselling author; follow SEALFIT on YouTube, Facebook, or Instagram: My business failures usually stem from personal limitations or not being clear about my "why." In my first venture of running a brewing company, my "why" (if I'd even thought of it) was simply to be an entrepreneur and enjoy free beer for life. That sounded pretty reasonable to me as a Navy SEAL transitioning into the business world. But my "why" proved too weak to weather the early chaos of starting a new venture. The fallout caused lawsuits and major family disruption since the partners were also my brothers-in-law. The painful lesson I learned is this: Make sure the "why" behind your concept is very clear and aligned with your vision for your future. In my current training company, we teach leaders how to clarify their personal ethos so their entrepreneurial endeavors completely align with their calling. Here's my ethos to help you get clearer on yours. My passions are: breathe, meditate, move, learn, read, explore, grow, teach, lead, write, inspire, create and love. My purpose is to develop, live and teach the philosophy of my training company. My vision is a resilient, integrated, and peaceful world. My mission is to train 100 million world-centric leaders and help build dynamic teams by 2040.
See the rest of the story at Business Insider
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