Failure is an inherent part of life, and for many entrepreneurs can be the ‘make-or-break’ crossroads of their business journey – but for Nicholas Murphy, Executive Chair of MLEI Consulting Engineers, he firmly believes business failures are a rite of passage on the road to success.
Nicholas has now been at MLEI Consulting Engineers for over 15 years, and he joined the ThirtyNiners Podcast to discuss how one of the biggest lessons he has learned is that failure is inevitable, and sometimes out of your control, but the most important thing is how you grow from these experiences.
“A lot of your failures might not actually come from something you are in control of. We had a big lesson early on with an insurance claim, something that we were a third party of and it took probably two years of my life to resolve that.
“We got our lesson hard and fast early, which led to us putting a lot of work around this lesson, especially when it comes to the process around how we manage failures going forward. Now I think it’s probably set us up well for the future, and despite it being a horrible couple of years, that’s just life and we learnt our lesson”.
Whilst it is easier said than done to simply learn and grow from failure, Nicholas believes the key to overcoming business failures is to not be afraid to ask questions and surround yourself with people who have complimentary expertise.
“In recent years we hired a non-executive director, which you know, they’re hard to find, because you have to find someone that suits your business, is a good person and brings in a new set of expertise.
“We already have 19 shareholders but as you continue to grow you have a responsibility to continue to bring in new expertise to not only remain compliant, but make sure you’re at the head of the space you’re in”.
This desire to continue to grow both personally and professionally is a clear indicator as to why Nicholas was excited about the idea of joining the ThirtyNiners cohort.
“I have enjoyed so many aspects of getting to know this group, and I believe industry bodies are really important in driving change, and I think we have the opportunity to do that with this group in our State”.
To listen to the full conversation with Nicholas Murphy listen to the ThirtyNiners Podcast by the South Australian Business Chamber, search for it wherever you hear your podcasts.
