None of us can win all of the time

In business, the idea that competition is essential for a functioning market is a core concept in economics.

Sometimes losing to your competition is inevitable as I don’t think any company, regardless of its size or success, can win every deal, dominate every market, or outpace every competitor at all times. 

We had a team meeting this week where we discussed some recent missed opportunities and most importantly how are we reacting and what we were going to do about it.  

I was delighted that it was an open and engaging discussion and we agreed some positive actions.

The discussion made me think of Roger Federer’s commencement speech at Dartmouth School this time last year.  After retiring from tennis he gave what I think was a masterful speech which thankfully YouTube makes available for the rest of us who don’t get the chance to go to an Ivy League School!

In his speech, Roger Federer mentioned that whilst he won 80% of the 1,526 singles matches he played during his career, he only won 54% of the points he played. 

“You can work harder than you thought possible and still lose,” Federer said, before adding: “Perfection is impossible.”

He went on to say “Negative energy is wasted energy, you want to become a master at overcoming hard moments.”  It is worth noting that Federer suffered with controlling his anger and emotions early in his career but he clearly developed a superpower to control his negative energy as he developed.  

That is such a great philosophy that I think we can all adopt in our lives.

Underpinning this is the need for resilience—the ability to withstand setbacks, analyse them constructively, and bounce back stronger. A loss should always provide valuable insights into your competitors' strengths and your own weaknesses. It’s a unique opportunity for honest reflection, enabling you to pivot, improve, and ultimately strengthen your competitive position.

I do also agree with this Bear Grylls quote  "Resilience is a muscle that gets stronger when worked over time and that fire is inside us all if we only dig deep enough to uncover it." 

To develop effective resilience and ways to manage negative energy you can only do it with set backs.  During a speech at Stanford University, Nvidia CEO Jensen Huang expressed his wish for students to experience "ample doses of pain and suffering," stating that he believes suffering is crucial for developing the character needed for greatness. He explained that while he hopes they have conditions for success, he also hopes they face challenges that will refine their character. 

As I reflect on my own business career, from when I was first a Managing Director aged 28, I like to think I have certainly developed both how to show calmness on the outside when internally I am raging as well as pragmatism that we will not win every deal. 

Sometimes reflecting that a success was that we earnt the right to be competitive in the race is positive progress where we can dust ourselves off, take the learnings and ensure we win the next one!

Would value your thoughts on this subject and your experiences in the comments below