Learning from setbacks

Setbacks are not necessarily catastrophic for a business – they can just hurt a lot as in the case of melanoma screening technology company MoleMap.

Chief Executive Adrian Bowling points out that the 12-year-old MoleMap business itself hasn’t failed. “In fact we are very happy with where we are now.”

However, there were missteps along the way, particularly when the company first moved into Australia.

He says failure – or a mistake or set back – should be seen by businesses as steps along a path rather than a dead end.

“If you can’t make it happen, you don’t give up. You find another path.”

He says the trick is to know when an approach is not working and when you are starting to spend good money after bad.

“Usually the bank balance will tell you pretty quickly if something is not working.

“We always try to structure the business so that there is an alternative, for example a different distribution structure.”

Belief matters

Another business person with a philosophy similar to Bowling’s – and record of business failure and success – is business mentor Chris Elphick.

He says the difference between success and failure, and the ability to pick yourself up after a failure, is often the amount of drive you have.

“If you haven’t got any passion for the business, you might was well go out and get a job. It’s passion that will carry you through.

“You have got to believe in yourself.”

He says inevitably in business there will be “bumps” along the way. “Some you create yourself, for example through poor planning and hasty decision making.

“On top of that a lot of bumps are created by external factors which are often outside of your control.”

He says there is no excuse for the former.  Financial services company Charles Schwab call it ‘stupid’ failure.

Importance of information

Bowling, who has a background in consulting for start-up companies, says “MoleMap made decisions on the basis of the information we had at the time.

“If you had all the information you needed, decision making would be easy, but it’s not that simple.”

He says that sometimes the only way to find out what is lurking around the corner is to get into the market and invest the money, people and resources required to make the project a success.

“Occasionally we get some surprises.”