Moses Nalocca on How To Bounce Back Stronger in Business
Moses Nalocca is CEO and founder of Upper Echelon Coaching Academy & Worldwide Experts 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?
I started my first business at 23 and, in the same year, my dad left our family with a huge debt of over 180k euros. This was a massive setback because I had to take care of the household and at the same time focus on growing a business.
Well, my first venture ended shortly after, and in a terrible way. Fast forwarding to when I opened other businesses, I was still making mistakes, like targeting the wrong clients, the wrong products, wrong partners, and so on.
But the turning point came when I invested in myself, hiring a coach to support and guide me. I believe that the mastery of resilience is in knowing that you do not know.
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?
I see failure as the other side of the coin to success; you can’t be successful without encountering a dose of failure.
I believe that we need to fail often, because that’s where the best growth opportunities and lessons reside, and fast because the faster we understand the lesson, the faster we can recover and create more.
One particular experience of failure came soon after the second Covid lockdown. I delegated the sales division of one of my companies abroad to a team that had over 20 years of experience. But, not long after, I realized that they were not in line with the mission and vision of the business. This mistake cost me over half of the revenue, and that financial year we closed with a massive loss. This led me to take back control of sales and taught me to better select my partnerships.
In the next following 60 days, we generated exactly the same amount of revenue we had made the previous year.
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?
To be honest, we returned to the basic foundations: planning, executing and measuring. I strongly believe that if we do not measure, we cannot effectively manage anything.
Additionally, I selected and dedicated exclusive time to coach my team on a regular basis, which allowed all of us to improve our communication skills and stay focused on the purpose of the business.
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?
SWOT analysis is a very effective means of understanding the strengths and weaknesses in the market. Then, with our clients, products and services, we look at the opportunities and threats both internally and externally.
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?
I balance taking calculated risks with the fear of failure by asking if that decision will produce massive value to me, my team, and my clients. If the answer is ‘yes’, I take a step, even if I am afraid.
My advice is not to think in terms of hours or days. What I mean by this is that you shouldn’t think in terms of months, years, and decades, but instead ask yourself: will this decision have a ripple impact in the future?
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?
Look at the results and potential impact. Our egos can sometimes get in the way, and we get stubborn trying to save something which is dead. So, when it gets to that point, I recommend asking for help from a mentor or a coach. Not because you are weak, but because you are strong and want to go further and faster.
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?
AWARENESS: Be courageous enough to understand and analyze the situation with a critical eye. Do not make it worse, but look at it as it is.
ACCEPTANCE: Accept what you discover, because the more you resist the change and challenges that come your way, the longer you will remain in a constant fog that will cost you time and money.
ACTION: Deliberately take massive action, keep on moving and stay in the game. During Covid, most companies stopped marketing, stopped hiring, and waited for the pandemic to pass. But, when that finally did happen, it was harder for them to keep up with the demand and speed.
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?
I strongly believe that my personal transformation and growth has determined my professional success. Business is a reflection of who I am! Still today I have mentors and coaches I look to for advice and clarity.
In life and in business, you do not get what you want – you get what you are.