Hi,
I asked 100 CEOs this question, and here are the top 4 answers:
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Becky Simms, CEO of Human First Collective, and Founder & CEO of Reflect Digital. |
“A couple of years ago I nearly lost my entire business, even though we were performing really well.We’d sold our majority share to a wider agency group but when COVID hit, that group started to fail. It was the most dreadful time, from the moment I woke up to the time I went to sleep (and sometimes even in my dreams), I was scrambling to find a way to stop us from going under.
While some of the product-focused businesses in the group saw demand dry up, our performance-focused agency thrived, as clients shifted spend online. But despite our own success, the group was drowning in debt - and we were at real risk of going down with them.
In January 2023, it was clear we had to act. I couldn’t let my team lose their jobs. We structured a deal to take back control. Later that year, when the situation reached boiling point for the original agency, we stepped in to take on the liability for the remaining team and client contracts.
A mentor once said to me, when facing adversity, ask yourself: “How can you make this the best thing that has ever happened?"
Without reframing the situation into something positive, our agency and subsequent group wouldn’t be here today. I’ve never done anything like that before - but having gone through it, I have a deeper understanding of how businesses work, how to bring people together, and how to even make them love working together as a team. Leadership is about stepping into the unknown, with courage and conviction - and a bit of annoying optimism.”
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Carl Pei, CEO of Nothing, an electronics company which has raised over $200 million.
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“When you’re facing a problem that feels insurmountable, sometimes you just have to take a step back.
During our Series B funding round, I hit breaking point. I was on calls with investors all day, every day. On each call I’d get challenged on the strategy, the vision, and operational risks. I was even beginning to doubt myself.
After a month of being constantly challenged, with no term sheet in sight, I developed a feeling of despair. I had trouble sleeping. I’d go to bed at midnight and have nightmares about shutting the company down and having to apologise to all the staff, and then jolt awake in a cold sweat. I couldn’t sleep past 4AM.
This of course made the fundraising even harder as it impacted my performance. I knew if I couldn’t pull myself out of that spiral, it wasn’t just me at risk - it was the company’s future.
I had to break the cycle, so I called up my friends, and we left the city. Changing my environment snapped me out of the cycle of despair. I needed a reminder that I have a life outside of funding rounds.
Shortly after, the tide changed. A great term sheet came in and we closed the round. Despite my fear, the nightmare scenario that had caused so many sleepless nights simply never came to pass.
When all else failed, taking a step back was finally the thing that let me move forward. Sometimes a change of scenery can bring the clarity you need to see things differently - and keep going.”
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George Bacon, Founder and CEO of GBM Group, a creative agency with over 15 million followers across their network, reaching over 500 million people a month. |
“Sometimes you’ve got to back yourself even when the numbers don’t show it.
There was a point when work slowed down, university was nearly over, and the pressure of “what’s next?” hit hard. While at university, I ran a social media business, managing a network of pages that all had their own brand identity. Business took off, and we landed campaigns with JD Sports, eBay, TikTok and IMG. Despite this, social media still wasn’t seen as a ‘real job’, which felt demoralising, especially when I was already putting in full-time hours (and then some).
Around 2020, across all industries, budgets were slashed. Some months, I had zero inbound leads, and revenue dipped. I was running it solo, which gave me space to reflect but also made the pressure feel heavier. I seriously questioned whether it was worth pushing through.
There were even formal attempts to shut down some pages and partnerships. I was hit with copyright strikes, hackers, scammers, you name it. Most people would have seen that as a sign to walk away. I almost did.
Then we saw a shift in social media budgets. Brands started investing in social again, and suddenly the same outbound messages that had gone ignored were converting at one in three. The real moment of belief came when agencies and clients came back without any follow-up, asking to work together again. That changed everything.
That stretch taught me that progress isn’t always visible in real time, or from the data. You can be putting in six months of work and feel like nothing’s moving, then, out of nowhere, the momentum catches. In the end, it wasn’t the numbers that kept me going - it was trusting my gut, doubling down, and believing I had something worth fighting for. That’s what resilience looks like.”
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Alice Bugeja, Founder of mileoff, a running clothing brand for women, backed by Steven Bartlett. |
“During the first year of working on my business full-time, I learned a very important lesson: the business only thrives if you do.
I was working on mileoff for two years while still working long hours at Dyson. I was burned out and exhausted after a year trying to juggle my corporate job and building mileoff in the background. I developed really bad anxiety, even leading to panic attacks.
A year and a half into that journey, I thought: I have to go all in on my business because I simply cannot do both.
When launch month arrived, everything in my personal life seemed to crumble. I split from my partner of six years, which was a huge emotional change and a financial strain. Suddenly I was bootstrapping the business and paying rent alone. At the same time, I received the worst call from a family member, navigating their cancer diagnosis. These moments taught me that as a founder, life will always throw challenges at you, but you learn to use them as fuel to build something you truly believe in.
During that period, running became my coping mechanism and daily reminder of strength. Prioritising sleep, health and mental wellbeing is non-negotiable. It’s one of the hardest things to do, because you feel so laser-focused on your business, but looking after these basics ensures you’re strong enough to deal with the challenges coming your way.
I still battle self-doubt, but I’ve learned to build undeniable proof that I can do hard things. As a founder there will always be challenges, inside and outside of the business. You learn to use them as fuel to your fire. It’s important to remember that without you, there is no business.”
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Talk soon,
Steven