Life has an uncanny way of throwing curveballs, doesn’t it?
You can map out a detailed blueprint for success, set achievable milestones, and work tirelessly to stay on track, only for something unforeseen to completely derail your plans. At first glance, setbacks seem like roadblocks to avoid, but for individuals who learn to adapt to and manage them, setbacks often become the unexpected catalysts for remarkable growth.
Drawing from the story of entrepreneur and investor Dr. Tony Jacob, it’s apparent that setbacks, when reframed, can become the steppingstones to success.
Setbacks Force You Out of Your Comfort Zone
Dr. Tony Jacob’s story begins like many immigrant success stories, with grit and resilience at its core. Raised by parents who endured setbacks of their own — including immigrating to Canada with nothing, then rebuilding their careers from scratch — he learned early on that barriers are a way of life.
When his father’s first business, a restaurant, failed, it could have sent the family into a spiral of despair. Instead, his parents doubled down, went back to school, and rebuilt their lives brick by brick. Watching this resilience instilled in Tony an unshakable work ethic and a belief that setbacks are opportunities in disguise.
“I remember at a really early age watching my mom and dad go through the pain of having a business and wanting to build a better future and just watching it kind of crumble,” Tony recalls.”That was a particularly difficult time for my parents, even though they insulated us and we really didn’t understand the true depth of that story very early on.”
But setbacks don’t just build resilience. They force us to step outside our comfort zones and rethink the way we approach problems, exemplified by Tony’s first medical practice, which was built not from privilege, but from a willingness to learn and adapt.
As a doctor, he had no formal business training, but his setbacks — like hiring mistakes and cash flow predicaments — demanded that he acquire new skills quickly. This is where growth happens, when you’re pushed to develop the tools you lack, often under pressure, and become stronger for it.
In his conversation with Justin Donald on “The Lifestyle Investor” podcast, Tony reinforced one of his mantras: “It’s like unlocking levels in a game.” The “game” mindset reframes setbacks as puzzles to solve, rather than insurmountable problems.
Mistakes Shape Stronger Systems
Every entrepreneur dreams of the perfect business, but as Dr. Tony Jacob shares, perfection is rarely the starting point. “When I launched my first practice, I made every mistake in the book,” he admits. Those mistakes, however, became the foundation for a more refined, scalable business model.
He learned early on that managing human capital is one of the hardest — yet most critical — aspects of scaling a business. “You can’t be in two places at once,” he observes, referencing his struggle to balance running multiple locations while providing quality services.
“Setbacks force you to systematize,” he explains. “You learn from what went wrong and build stronger processes so you don’t repeat the same mistakes.” Setbacks also reveal the weak points in your strategy or operations, providing the feedback you need to adapt.
Perhaps the greatest lesson Tony learned through setbacks is that growth often requires reinvention. “I’m naturally an introvert,” he shares, but he recognized early on that relationships and conversations are the lifeblood of success. “I try not to turn down any conversations or meetings,” he explains. “Why? Because every interaction holds the potential to open doors or spark new ideas.”
This openness to change extended to his career path. Transitioning from being a doctor to an entrepreneur — and later to an investor — required shedding old identities and embracing new roles. It was only after he stepped back from day-to-day operations that his business scaled from two locations to 11. Similarly, when he faced hurdles in cryptocurrency investing, he didn’t walk away. Instead, he doubled down on research and emerged as a savvy investor in blockchain technology.
Each setback demanded that Tony embrace a new way of thinking or acting. The ability to adapt, even when it feels uncomfortable, is one of the most valuable skills setbacks can lead us to develop.
Resilience Breeds Perspective
Finally, setbacks remind us of what really matters. During the COVID-19 pandemic, like so many others, Dr. Tony Jacob faced unprecedented hardships including business disruptions, a ransomware attack, and a record-setting Texas storm.
These difficulties also forced him to reflect on his priorities. “You start contemplating life and what you want to spend your time on,” he shares. “I realized I wanted to spend more time with my family and focus on investments that aligned with my values.”
Setbacks have a way of grounding us. They strip away distractions and clarify what truly matters, and for Tony, this meant pivoting toward investments in emerging markets and environmental philanthropy, as well as spending more time with his kids. “The world is small,” he says. “We share it with so many people, and it’s important to give back.”
