In the world of entrepreneurship, mistakes are inevitable. What separates successful entrepreneurs from the rest is not the absence of mistakes but their ability to learn, adapt, and transform setbacks into stepping stones. This interview on “What’s Your Next?” offers timeless lessons on resilience, preparation, and growth from failure.
1. Mistakes as Foundations for Growth 🌱
Dave Kohl, a serial entrepreneur with over 30 years of experience, describes mistakes as the essential “war stories” of business. Each failure, he explains, builds character, sharpens awareness, and teaches vital lessons that formal education often overlooks. For example, his first business—a local newspaper publication—collapsed because he overlooked contract details. Yet that bankruptcy became his greatest teacher, instilling a lifelong commitment to diligence and thoroughness.
2. The Cost of Overconfidence and the Power of Preparation ⚙️
Kohl’s downfall began with confidence that his attention to detail was enough. When unexpected costs surfaced—such as premium paper not covered in the original contract—his lack of verification led to financial ruin. The takeaway: entrepreneurs must verify every assumption. Preparation isn’t about planning for the expected; it’s about anticipating what could go wrong and mitigating risks before they escalate.
3. Rebounding and Reinvention 🔁
After bankruptcy, Kohl faced not only business loss but also personal financial hardship. Yet he didn’t give up. By maintaining old professional relationships, he found new business opportunities. When a dishonest partner tried to cut him out of profits, Kohl turned adversity into advantage, reclaiming clients and exceeding his original earnings. His story underscores that resilience and adaptability can transform failure into fuel for success.
4. Lessons from Life Beyond Business ❤️
Interestingly, Kohl draws parallels between his business and personal life. His first marriage failed, but he used that experience to build a stronger, more lasting relationship the second time around. Just as in business, reflection and self-awareness allowed him to recognize patterns, set boundaries, and commit to continuous improvement.
5. Fear, Failure, and Over-Preparation 💪
Many aspiring entrepreneurs are paralyzed by fear—fear of rejection, loss, or inadequacy. Kohl reframed fear as a signal to prepare more deeply. Instead of fearing failure, he feared being unprepared. This shift in mindset allowed him to approach challenges with confidence. His story about winning a corporate bid, despite having little knowledge of the industry, reinforces the value of communication and preparation over perfection.
6. The “Over-Prepared” Mindset 💡
Kohl’s professional philosophy centers on over-preparation. He encourages individuals to list all possible reasons, strategies, and outcomes—then choose the best among them. By developing multiple options, entrepreneurs improve adaptability and decision-making under pressure. This method helps business owners pivot quickly in changing markets, such as adapting to new technologies like AI.
7. Teaching and Giving Back 🎓
Today, Kohl applies his experiences to coaching real estate investors and small business owners. His focus is helping clients present themselves effectively, make smarter decisions, and communicate with authenticity. Through coaching, he amplifies his own lessons, ensuring that others avoid the pitfalls that once cost him dearly.
Conclusion 🚀
Dave Kohl’s journey is a powerful reminder that every mistake contains a hidden lesson. Entrepreneurs who adopt his philosophy of over-preparation, resilience, and reflection can turn even the most painful failures into stepping stones toward success. His closing advice resonates across every industry: “Be overprepared and double-check everything.”
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What's Your Next? - Podcast
 | Author BioI’m Stacey Riska aka “Small Business Stacey”, your franchise placement specialist. I help aspiring business owners find the PERFECT franchise so they can get to the next level in life and business. |
