In the business world, there’s often no substitute for lived experience. Being placed in a difficult situation often becomes a “learning experience” as we quickly strategize and adapt to come through successfully. But sometimes there’s a way to absorb a lesson and avoid the growing pains. Read more from 14 seasoned pros the most important lessons they’ve learned.
(Article originally published on Forbes.com on April 4, 2019)
In the business world, there’s often no substitute for lived experience. Although it can be hard to see when we’re in the moment, being placed in a difficult situation often becomes a “learning experience” as we quickly strategize and adapt to come through successfully.
But sometimes there’s a way to absorb a lesson and avoid the growing pains. Below, 14 seasoned pros from Forbes Agency Council outline the most important lessons they’ve learned through experience.
Members of Forbes Agency Council share some of the most significant learning experiences they've had in their careers.
PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.1. Don’t Be Afraid To Bet On Yourself
After landing my dream job right out of college, the market took a sharp turn and the company went bankrupt. I was laid off, broke and devastated. From there, I decided to make a bet on myself. I called my 80-year-old grandmother for a loan, and I started my first company from my kitchen table. The company grew to over $100 million in annual revenue. - Kim Perell, Amobee
2. A Business Must Be More Than A Few Relationships
For the first five years of my company, we had a few premium, ongoing contracts that provided 70% of our overhead costs. We lost those projects over time, and I realized that I didn’t have a real company—I just had a few solid relationships. Getting back up, I had to learn how to market, how to sell and how to measure our business. That fiscal cliff taught me how to be a real CEO. - Joe Ardeeser, Jordan Crown LLC
3. Take Nothing For Granted
One of my most important learning experiences happened three years into my business: Never expect things won’t change unpredictably. I lost my biggest/favorite client from sudden death and $3 million (50%) of our billings the same day. Never stop prospecting for new business, and never let one client be more than 15% of your billings. Keep up with opportunities and take nothing for granted. - Pat Fiore, FIORE
4. Be Helpful To Others
Many entrepreneurs want to focus solely on their own success. The most important thing I have learned in my career is that being helpful to others and seeing them succeed is just as, if not more, rewarding. Also, the relationships you build while doing this are mutually beneficial and create incredibly strong bonds. There is trust there that you both will have one another’s back. - John Hall, Calendar
5. Aim For The Moon
Back when my business was a scrappy group of eight employees, I had the vision to grow us into a full-service agency. As one colleague after another expressed concern, I learned that even smart businesspeople can lack vision. Today, my agency employs nearly 50 people across three cities, and I see that I was right to chase my vision. - Mary Ann O’Brien, OBI Creative
6. Build Friendships With Those Who Have A Different Perspective
My friendship with Stan Rapp—one of the original “Mad Men”—has been a life-changing experience. Although decades of experience separate us, as well as cultural differences, mindsets and backgrounds, I truly believe that our different perspectives have helped shape and form my life—both privately and professionally. It seems to be a blessing for both of us that our paths have crossed. - Sebastian Jespersen, Vertic
7. Learn What Makes Others Tick
Everybody’s different. We all have different work ethics, talents and motivations. When I started as a people manager, I only had the experience of how I drove myself to guide how I managed others. It led to a lot of miscommunication and unhappiness. I had to take the time to truly understand what made others tick before I could earn their trust as a leader. - Scott Baradell, Idea Grove
8. Treat Your Employees With Respect
Several years ago I worked for an entrepreneur. While the day-to-day operations and my actual responsibilities were great, the environment wasn’t. He was a tyrant who often yelled at his employees and placed blame on everyone but himself—especially if it was actually him who was in the wrong. I learned not to do this to my employees, and they are much happier and more loyal as a result. - Andrea Keirn, Black Rhino Marketing Group
9. Start At The ‘Core’
I was always skeptical about the importance of implementing core values. To me, actions always spoke louder than words. As our company and culture grew, I realized that we needed values to guide us. Now, I see how much of an impact they can have on everything from hiring to rewarding to reviewing employees. Core values are the basis of any successful business. - Bernard May, National Positions
10. ‘Know’ Nothing, ‘Believe’ Little And ‘Think’ A Lot
As a young leader, I believed I needed to “know” what I was doing in order to succeed. When I sought the help of a coach, he shared a powerful secret of leadership. He told me to “always think” and “never know.” He explained that by “knowing” or even “believing,” I was closed off to other ideas. But when I merely had a “thought,” I would be open to the ideas of others, and the best idea would win. - Brian Handrigan, Advocado
11. Don’t Stay In A Negative Client Relationship
If a client crosses an inappropriate line or is disrespectful, it’s okay to cut ties. If it happens once, it will likely happen again, and toxic client relationships are always ineffective professionally. Learning how to push back in a negative client situation has helped me teach my team to recognize the signs early on and to be okay with walking away from the business altogether. - Catherine Seeds, Ketner Group Communications
12. Build A Recurring Revenue Stream
This probably goes for all businesses, even service-related businesses: You need to find something that you can automate. Make it easy, reliable, offer good value and get all your clients to subscribe to it. For our team it was hosting, support and content-writing plans. This allowed our agency to go from one-time projects that could come in randomly to a more sustainable recurring-revenue model. - Peter Boyd, PaperStreet Web Design
13. Understand That One Method Does Not Fit All
It was significant to understand that while all clients want great success, there are numerous paths to achieve it. This is especially true in digital marketing across international borders. Different cultures and varying regulations often require “unconventional” adjustments to experience success in various locales. Research is always necessary to understand each client and the target audience. - Troy Smith, Search Optics
14. Try To Become The ‘Go-To Authority’
I became the go-to creative on my team early on in my career simply because I was an expert in my brand. I took it upon myself to become the authority on the matter, which meant everyone turned to me whenever there was a question. Sometimes, emerging as a leader is as simple as studying your brand and your craft and being willing to share that knowledge with others. - Jess Cook, TMV Group