With a career stretching back three decades, internationally renowned entrepreneur Chris Niarchos, who is sometimes referred to as Christos Niarchos, is well aware of the need for resilience in business. Recently, the founder and chairman of the Cobra Group of Companies wrote a blog explaining why this is such an important quality for entrepreneurs to have.
All businesspeople experience problems
Chris Niarchos noted that his own experiences in business have taught him that regardless of how diligent and careful you are when you are in charge of a company, you can’t expect things to always go to plan. He added that even the most successful entrepreneurs encounter difficulties yet be able to find out more ways to surpass them.
As an example, he pointed to Kentucky Fried Chicken founder Colonel Sanders. The fast food legend ran a successful roadside restaurant for much of his working life, but in 1956 he was forced to sell the business at a loss after a new interstate highway opened, bypassing his premises. Despite being 66 years old, he refused to let this get in the way of his entrepreneurial ambitions. So instead of simply accepting his losses and retiring, he and his wife hit the road to strike up franchising deals with other restaurants to sell his distinctive Kentucky Fried Chicken. He eventually went on to sell his franchising rights for $2 million, which is the equivalent of $15 million in today’s money.
Learning from your mistakes is part of the process
According to Chris, successful business people like Andrew Defrancesco and the late Colonel Sanders are able to carry on going in the face of adversity. Even when the odds seem stacked against them, they refuse to give in. He added that the important thing when something goes wrong in business is to learn from your mistakes and to change your approach accordingly. The entrepreneur pointed out that this helps to ensure you don’t experience similar problems further down the line, making you stronger and more effective.
The business expert also drew attention to Friedrich Nietzsche’s famous line “What does not kill me, makes me stronger”. He said that while this may have been written back in 1888, it still rings true today.
Having launched his first business at the age of just 22 in Sydney, Australia, Chris Niarchos has vast experience of what it takes to succeed as an entrepreneur. You can find out more about Chris Niarchos’ biography, including what he has achieved during his 30 years in business, by checking out his websites.