Maciej Fita on How To Bounce Back Stronger in Business
Maciej (ma-chi) is the founder of Brandignity and knows what it takes to face challenges in business and bounce back stronger. They took some time out to share their insights with The Industry Leaders.
Can you start by telling us a bit about your journey as an entrepreneur, focusing particularly on your experiences with setbacks and challenges? How has this shaped your understanding and mastery of resilience in business?
Since graduating college I knew I wanted to be my own boss. It’s not an easy path or a decision and it usually requires trying a handful of ventures before you find one that really sticks. Personally I think the largest challenge is cash flow. There are so many things you need to do starting a business and there just isn’t enough time in the day to do them all yourselves. You will have to get your hands dirty as much as possible to ensure you don’t run out of money to run your business. Having situations where the cash gets low has allowed me to really think about how I spend my money growing my business.
In the world of entrepreneurship, failure is often seen as a stepping stone rather than a dead-end. How do you perceive failure, and can you share an instance where a failure led to an unexpected growth or success in your business?
Personally COVID was a learning experience for many businesses, including ours. In times like this you are forced to really think outside of the box on how to best survive. Reinventing yourself/business is just part of the process. We certainly took a hit during this time and were forced to try new things to keep business afloat. The mindset that has become the result of this time during COVID was actually a blessing because I was forced to think differently which will inevitably stick with me as I move forward with my business.
What strategies have you employed to cultivate a culture of resilience within your organization? How have these strategies made your team more adaptable and innovative, especially during trying times?
It’s really been about focusing on the important stuff. The items that will help us or our clients grow. That thought process is on the front burner each and every day.
You've spoken about bouncing back from failure, but I'm curious to know if there is a methodology you follow to analyze what went wrong and how to correct it. Could you describe your process for assessing and learning from mistakes?
Analyze for a minute what went wrong so you can ensure it won’t happen again. Don’t dwell on it and let it ruin your month but acknowledge and put in motion being more efficient on the next initiative.
Many entrepreneurs fear failure to the point that it paralyzes them. How do you balance taking calculated risks with the fear of failure? What advice would you offer to other entrepreneurs who struggle with this?
Great question! This is something that can really be stifling for a business owner. Fear is a business killer and sometimes you just have to take a leap of faith if it’s something you strongly believe in and bust your hump trying to make it work.
Sometimes, resilience requires knowing when to pivot or even walk away from an idea. How do you recognize the difference between a challenge that requires persistence and a situation that necessitates a change in direction?
It depends on the size of the organization. A large social media platform could dump millions into an initiative and have it fail whereas for an SMB, 5k could feel like millions. You need to review how much you have spent, how much more you can, and put a game plan together with your team.
The global economic landscape is always changing, and recent years have seen some extraordinary disruptions. How have you adapted your business to overcome unexpected global challenges? What were the key factors in your successful navigation of these waters?
I try not to think about that too much. There are A LOT of businesses out there that need help and I don’t think there will be a shortage anytime soon. We just keep hustling and pushing forward and putting out good work. We are always striving to build our online appearance. More case studies, building up the portfolio, gaining positive reviews, etc...
Resilience in the face of failure is often linked to personal growth as well. How have your business experiences shaped you personally? Can you share a moment where your professional resilience translated into a personal transformation?
Yes, a business can definitely shape a person, for better or for worse. You have to know how to tame that part of personal growth. For some it can be very positive and for some it can be negative if things are not going as planned.
