Life's setbacks offer useful lessons

Business Buzz: Life's setbacks offer useful lessons

COMMENT
Agribusiness
OVERCOME REJECTION: If a loan application is rejected by one bank, find out why and then mitigate these risks or give a better explanation for the next presentation to a different bank. Photo: SHUTTERSTOCK

OVERCOME REJECTION: If a loan application is rejected by one bank, find out why and then mitigate these risks or give a better explanation for the next presentation to a different bank. Photo: SHUTTERSTOCK

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I am sure lots of people reading this have had negative feedback at one point or another about a pending business decision, or a personal one, for that matter.

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I am sure lots of people reading this article have had negative feedback at one point or another about a pending business decision, or a personal one, for that matter.

When making big decisions, it is good to seek counsel from those you trust. But, that does not mean you need to take all their advice on board.

Self-determination is a good thing, and the responsibility of your decisions ultimately lies with you, regardless of the consequences. Blaming others is a pointless exercise; you are much better off owning the choices you make, whether the effects are detrimental or advantageous.

A classic example I come across in my line of work is a bank saying no to a lending proposal. Any bank has a right to approve or decline an application. As long as you have put your best foot forward, that is the main thing.

But, there is always more than one lending institution, and while one bank may not have an appetite for a particular transaction, there may well be other banks that are willing to take the business on. There are normally multiple options, but if all the banks are saying no, it would strongly suggest the deal is not very sound.

The more prepared you are in this scenario the better. You need to know the sort of information the bank is after, and how to present it properly.

Related reading:Begin with end goals in mind

I say to people that if you are declined by one bank, don't take it personally, as it's never personal from the bank's perspective. Instead, take the time to find out all the reasons why the transaction wasn't suitable for that particular bank. Then, mitigate these risks or give a better explanation for the next presentation to a different bank. Like all perceived failures in life, there are always lessons to be learned.

Not taking setbacks personally is the key to making the most out of certain situations. If you are able to objectively rise above disappointments - whatever they may be - then you are well-placed to move on quickly and rise to a higher level of performance. There is great satisfaction to be gained by working your way through tough situations.

During my life I have been told multiple times that I will never achieve a certain goal, and told that I'm dreamin'. I suspect we have all been told this during our lives.

Conversely, I surmise we have all had someone who has encouraged us and saw something in us that others were unable to see. As time passes, you will be glad that both groups of people came into your life. A bit of yin and yang is good for anyone.

If you are told that something can't be done, or some business proposal won't fly, it is up to you to decide whether you push on, or give up. Sometimes it can be an agonising decision, and you won't really know until well down the track what the right course of action was.

People throughout time have defied the odds and achieved great things. Which side of history you end up on is in your hands.

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