15 Years of Business Wisdom: Lessons on Failing in Business from Pat Flynn and Succeeding
Today we’ll break down Pat Flynn’s invaluable advice, derived from over 15 years of experience in entrepreneurship. Through his journey of building businesses, from success to failures, Pat offers timeless wisdom that any aspiring entrepreneur can learn from.
Let’s dive into his 12 essential lessons that will help you on your entrepreneurial journey.
Lesson 1: You Don’t Need to Build a Business that Changes the World
One of Pat’s core messages is that you don’t need to change the entire world with your business—just someone’s world.
- Start small, niche down: Focus on a specific problem for a specific group of people. Instead of attempting to build the next big tech company, find a small but underserved niche.
Pat himself discovered success by helping architects pass the LEED exam, a highly specialized need. Within a short period, he became the go-to expert in that space and earned a quarter of a million dollars in his first year.
“The riches are in the niches.”
By focusing on a narrow audience and solving their unique problems, you stand out from the competition and can grow a loyal customer base that will become your biggest advocates.
Lesson 2: Don’t Waste People’s Time
Pat stresses that time is one of the most valuable commodities in the digital age, and wasting it is a sign of disrespect.
- Fulfill promises quickly: Whether you’re running an email list or creating content, you must deliver on your promises immediately.
- Content creators: Your titles and thumbnails create an expectation. If the content doesn’t match that expectation, viewers will quickly lose interest.
“If what you have to offer doesn’t match a person’s need, it’s better to sever those ties now.”
Building trust through authenticity and respect for people’s time is critical for long-term success.
Engage, deliver, and provide consistent value.
Lesson 3: Learn to Say No
One of the toughest lessons in entrepreneurship is learning to say “no” to the wrong opportunities.
- Say no to stay focused: While it’s tempting to say yes to every opportunity early in your career, saying no allows you to focus on what matters most.
- Avoid distractions: Every “yes” pulls you away from something else, often something that’s more aligned with your goals.
Pat emphasizes that focus and understanding your priorities will drive your success. Without direction, you risk losing momentum.
“Vision without action is a dream, but action without vision is a nightmare.”
Lesson 4: Failure is a Part of the Process
Failure is inevitable in entrepreneurship. Pat shares how his background as a perfectionist clashed with the need to embrace failure as an entrepreneur.
- Failure teaches: Failure is not the end, but part of the process. Every failure provides an opportunity to learn and pivot.
- Progress over perfection: Business plans are educated guesses at best. The real learning happens through execution and adaptation.
“The only true failure is giving up.”
Lesson 5: Health Matters
The link between health and success in business is often overlooked, but Pat underscores how critical your physical and mental health is for long-term success.
- Health impacts creativity: Whenever Pat focused on his health, he noticed improvements in creativity, decision-making, and overall productivity in his business.
- Healthy habits: Avoid the short-term gratification of unhealthy habits like excessive snacking or poor sleep. These choices may feel good in the moment, but they undermine long-term business success.
“The healthier you are, the healthier your business will be.”
Lesson 6: Delegate to Scale
As your business grows, delegating tasks that don’t align with your strengths is essential.
- Do what you do best: Focus on what you’re good at and enjoy doing. Delegate the rest to people who can do it better or faster than you.
Pat encourages entrepreneurs to read Buy Back Your Time by Dan Martell and Virtual Freedom by Chris Ducker to learn how to hire help and delegate tasks efficiently.
“Do what you do best and delegate the rest.”
Lesson 7: Accept Feedback
Feedback, even when it’s critical, is an essential component of growth.
- Embrace constructive criticism: While it may sting, constructive feedback is valuable. It often provides insights into areas that need improvement.
- Listen to your audience: Your audience’s feedback is gold. Use it to refine your product or service. It’s important to remain open and view criticism as a tool for improvement.
“Feedback is critical. Learn to accept it.”
Lesson 8: Dealing with Haters
As you grow, you’re bound to encounter negativity, whether from competitors or trolls.
- Lead with empathy: Often, haters are people dealing with their own issues. Pat recounts his own experience with a troll who targeted him simply to drive traffic to their own website.
- Don’t waste time on haters: Every second spent worrying about a hater is time taken away from serving your true audience.
“Hurt people, hurt people.”
Instead of focusing on negativity, Pat advises doubling down on providing value to those who care about your work.
Lesson 9: The Life-Changing Question
When faced with difficult challenges or decisions, Pat suggests asking yourself:
“If this were easy, what would it look like?”
- Simplify your thinking: Entrepreneurs tend to overcomplicate things. This simple question can help you cut through the clutter and focus on straightforward solutions.
- Seek guidance: This question often reveals that someone else has already solved the problem you’re facing. Reach out to others who have navigated similar challenges for advice.
Lesson 10: Momentum Makes Money
Momentum is one of the most important factors for success in any business.
- Start small, but start: Much like pushing a boulder, the initial stages of a business are the hardest. However, once momentum builds, things get easier.
- Capitalize on wins: When you find something that works, whether it’s a product, service, or type of content, double down on it. Don’t jump to something new too quickly.
“Momentum makes money.”
Lesson 11: Don’t Compare Yourself to Others
One of the easiest ways to lose momentum is by comparing yourself to others, especially those who are further along or seem more successful.
- Apples to oranges: Everyone’s journey is different, and you may not see the years of hard work behind someone’s overnight success.
- Focus on your own progress: The only person you should compare yourself to is the version of you from yesterday. This keeps you motivated and grounded in your own journey.
“The easiest way to lose momentum is to compare yourself to others.”
Lesson 12: Take Action
The final lesson from Pat Flynn’s wealth of experience is simple but powerful: take action.
- Execution over planning: You can plan endlessly, but nothing will happen until you take that first step.
- Start now: Even if you don’t have everything figured out, begin. Action leads to clarity, and clarity leads to success.
“Momentum is key. Just start, even if it’s not perfect.”
Conclusion on Lessons on Failing in Business
Pat Flynn’s 15 years of entrepreneurial wisdom boil down to practical, actionable advice.
From niching down and focusing on one customer at a time to embracing failure and feedback, his experiences offer invaluable guidance for anyone looking to build or grow a business.
Key Takeaways:
- Start by solving small, specific problems for a niche audience.
- Prioritize your health—it will impact your business success.
- Learn to say no to distractions and yes to the right opportunities.
- Accept feedback, ignore haters, and focus on your own journey.
By applying these lessons, you’ll be better equipped to navigate the challenges of entrepreneurship and build a thriving, sustainable business.
