Hopping over the Rabbit Hole

Success in business isn’t about avoiding failure; it’s about learning how to hop over the rabbit holes of failure and keep going.

1. Bold Moves Pay Off

Bold decisions during difficult times can transform your circumstances. In 2009, during a deep economic recession, SkyBridge Capital took a bold risk by hosting a hedge fund conference in Las Vegas. Initially met with resistance, the idea turned into a unique opportunity to showcase creativity, adaptability, and resilience.

The event, named the SALT Conference, attracted prominent guest speakers and an impressive range of industry leaders. Within just two months, the SkyBridge team managed to pull off a well-organized conference that stood out in a time of widespread financial uncertainty. This success not only stabilized their company but also garnered significant mainstream attention.

Taking such bold steps during uncertain times can redefine a business’s future. Rather than falling victim to the economic downturn, SkyBridge asserted its position in the industry and gained credibility worldwide.

Examples

• SkyBridge hosting SALT during the recession showed courage.
• The conference attracted famous names, adding credibility.
• It offered hope and strengthened SkyBridge’s reputation.

2. Adapt to Failures Quickly

When failure strikes, adaptability often determines success. SkyBridge faced an unexpected challenge in 2014: Deepavali, a major Asian holiday, coincided with their planned conference dates in Singapore. Realizing their oversight could offend the local culture, the team swiftly canceled the event and pivoted to an alternative plan.

Instead of giving up, they launched the SkyBridge Global Symposium in Japan. The new event drew over 100 institutional investors and keynote figures like Ben Bernanke, salvaging their efforts and maintaining relationships. This flexibility preserved their standing in Asia.

By openly acknowledging mistakes, rather than hiding them, SkyBridge set a precedent for leadership, demonstrating how embracing and redirecting failure can lead to unexpected opportunities.

Examples

• Singapore conference plans adjusted to avoid offending locals during Deepavali.
• The Japan Symposium became a new, successful platform.
• Relationships with the Singaporean government stayed intact for future events.

3. Focus on the Right Goals

It’s easy for entrepreneurs to prioritize the wrong goals, chasing superficial accomplishments instead of sustainable growth. The author learned this lesson during his ice cream-selling venture before the Boston Marathon in 1986. His plan to fund a trip to Italy faltered when cold, rainy weather ruined sales.

Putting too much focus on outcomes rather than the actual process can derail efforts. Similarly, another entrepreneur overspent on decorating his office, neglecting the fundamentals of his business. This led to his company's failure.

The lesson here is to balance ambition with practicality. Focus on building a solid foundation and avoid short-term distractions that take attention away from meaningful growth.

Examples

• The Boston Marathon fiasco taught risk-planning.
• The overdecorated office served as a cautionary tale.
• Allocating resources wisely helps businesses thrive.

4. Build a Collaborative Team

Assembling the right team is essential to a thriving business. Instead of hiring individual superstars, aim for people who work well together. Dependency on teamwork, communication, and shared goals creates a unified and effective workforce.

The author implements a "swamp tank" approach, fostering open interaction among employees through close workspace proximity, even distributing soap and deodorant to ensure comfort. The DEA method – Delegation, Empowerment, and Accountability – further defines this culture. Team members are provided autonomy to innovate but are held accountable for outcomes.

A healthy company culture thrives on collaboration and integrity, with leaders setting a moral example by stepping up during challenges, rather than engaging in blame games.

Examples

• The "swamp tank" office model encouraged teamwork.
• DEA management optimized delegation and responsibility.
• Honest leadership inspired the same values in employees.

5. Let Go of Resentment

Lingering resentment or victimhood can be a significant barrier. Feeling bitter about being different or slighted will hold you back. The author learned this when he was fired from Goldman Sachs. Instead of blaming external forces, he reevaluated and improved his skills.

Revenge or jokes at the expense of others can hurt business relationships. The author’s prank on a previous employer almost cost him a connection, but mended ties later helped maintain goodwill. Learn from missteps and move productively into the future.

Life becomes easier when you accept setbacks, aim for self-improvement, and avoid letting failures define your trajectory.

Examples

• The firing from Goldman Sachs became an opportunity to grow.
• A prank call to a manager nearly burned bridges.
• Letting go of grudges improved professional relationships.

6. Use Media Exposure Strategically

Media criticism is inevitable but leveraging it wisely can boost visibility. While bad press may feel distracting, building a deliberate PR strategy helps control the narrative surrounding you and your business.

Train yourself to take criticism humbly. Meanwhile, work proactively to promote your values through advertisements and engage with journalists to ensure balanced coverage. Building goodwill with the media and focusing on excellent customer service creates a more favorable public image.

Effectively managing public perception requires careful planning, not reaction. With resilient messaging, even adversity can turn into valuable publicity.

Examples

• Maintaining open lines of dialogue with the media builds trust.
• Controlled PR strategies like advertising balance the narrative.
• Richard Branson’s outrageous stunts successfully marketed Virgin Airlines.

7. Excel at Selling by Building Relationships

Sales don’t always have to feel like pressure tactics. By building trust, understanding your client’s needs, and helping them fulfill those needs, you can create lasting value and trust – and make sales as a natural by-product of the relationship.

If a potential customer rejects your offer, explore alternative avenues to assist them. Offering referrals, solving unrelated problems, or adding value indirectly can open doors for future opportunities.

Adopt the philosophy of creating mutual benefits during deals. As demonstrated by billionaire Li Ka-shing, fairness in negotiation keeps people coming back to do business.

Examples

• Emphasizing mutual gain in negotiations fosters goodwill.
• Helping customers solve problems beyond immediate sales builds trust.
• Asking clients for referrals maintains a positive impression.

8. Face Public Speaking and Networking Fears

Public speaking and networking are powerful tools for success, but many entrepreneurs hesitate due to fear. Overcoming such reluctance means entering spaces with confidence – even if only to introduce yourself.

The author’s twelve-year-old daughter Amelia exemplifies this bravery. Her meticulous preparation allowed her to sing for a stadium audience of 50,000. Though initially nervous, she grounded her performance in practice and self-belief.

Whether pitching a product or hosting an event, know that preparation can silence nerves, allowing you to focus on authentically connecting with your audience.

Examples

• Successful networking starts with simple, genuine introductions.
• Amelia’s stadium performance proved that preparation quiets fear.
• Public speaking increases confidence and broadens opportunity.

9. Believe in Your Success

Entrepreneurial success starts with self-belief. If you don’t trust your ability to succeed, your efforts may falter before they begin. Challenges will undoubtedly arise, but positivity and resolve can help you deal with them productively.

Maintain optimism through tough times by reminding yourself you’re capable of adapting and learning. Seek inspiration from others who’ve overcome hardships to achieve greatness.

Believing in yourself provides the motivation to hustle, take risks, and stand firm when failure feels imminent.

Examples

• The author’s perseverance pulled SkyBridge from near bankruptcy.
• Entrepreneurs like Thomas Edison turned failures into new inventions.
• Amelia Earhart didn’t let crashes stop her from flying into history books.

Takeaways

1. Embrace bold moves during challenging times to stand out and show your resilience.
2. Learn to adapt quickly to failures by acknowledging mistakes and pivoting toward opportunities.
3. Build relationships with sincerity and fairness, whether in sales, networking, or partnerships.