Author, financial guru, renewable-energy leader, and founder and CEO of Magnifica Charles Carey might have more than 21 years of experience as a highly successful serial entrepreneur, but to him, that impressive track record is only secondary in importance.
“I strive to build businesses that not only succeed economically but also contribute positively to society,” he says. “My approach to entrepreneurship is rooted in creating value and making a lasting impact. This holistic approach, which balances profit with purpose, is central to everything I do.”
Carey’s extensive portfolio of renewable energy projects, which have substantially advanced environmental sustainability, attests to this mission. However, building his business empire has not come without its challenges.
Surviving the Great Recession
According to Carey, the biggest challenge he’s ever faced came in 2008, when a cascade of financial institutions struggled to stay afloat while financial markets ricocheted wildly, leading to the Great Recession. At that time, the world faced its largest economic downturn since the Great Depression, and the economy took years to recover.
“This period tested the resilience and adaptability of my ventures across various industries, particularly in the financial and real estate sectors,” Carey remembers. “The instability threatened the very core of our operations and demanded a complete reassessment of our business strategies.”
The rigors of the 2008 financial crisis required Carey and his team to focus intensely on risk management and diversification. “We tightened our financial controls, reevaluated our investment portfolio, and explored new, less volatile avenues for growth,” he explains.
Carey’s dedication and flexibility turned what had initially appeared to be a problem into a surprising new opportunity. “It was a period of significant learning and rapid adaptation, which ultimately made our companies stronger and more resilient,” he says.
Carey also learned important lessons while navigating these tumultuous times that continued to pay dividends long into the future.
The Importance of agility in business
“The most crucial lesson from this experience was the importance of agility in business,” Carey says. “Being able to quickly pivot and adapt to radically changing conditions is essential. It taught me to always be forward-thinking and to anticipate changes rather than react to them.”
These skills undoubtedly came in handy when the COVID-19 pandemic struck in 2020, and the world fundamentally changed yet again.
“Once more, every assumption needed to be identified and rethought,” Carey remembers. “The things that made companies profitable in 2019 underwent a seismic shift in the span of a few scant months. Whole industries were disrupted, and those businesses that didn’t stay abreast of the changes didn’t survive.”
These experiences shape the advice Carey gives to aspiring entrepreneurs as well as those who are just starting out.
View failure as essential learning moments
“Embrace flexibility in your business plans,” Carey says. “Understand that no strategy is set in stone. The ability to adapt is as important as your initial plan, so stay lean and focus on building a strong, adaptable team that can weather different types of storms.”
Carey also invests in and mentors other entrepreneurs at various stages in their professional careers. Likewise, he often tells them that resilience is key.
“The path of entrepreneurship is inherently filled with challenges, and persistence is crucial,” he says. “Don’t be discouraged by failures; view them as essential learning moments. I emphasize this because resilience and the ability to learn from every situation can transform potential setbacks into opportunities for growth.”
In this way, Carey advocates for new and aspiring entrepreneurs to adopt a growth mindset. This perspective sees skills and abilities as capable of being developed over time, rather than being determined by one’s initial level of inherent talent.
Research has shown it to correlate with higher levels of accomplishment, both at the individual and organizational levels. As Harvard Business Review explains: “When entire companies embrace a growth mindset, their employees report feeling far more empowered and committed; they also receive greater organizational support for collaboration and innovation. In contrast, people at primarily fixed-mindset companies report more cheating and deception among employees, presumably to gain an advantage in the talent race.”
A living example of sustainability
Carey’s interest in resilience also extends to helping the planet become more resilient. His long-standing interest in environmental sustainability has translated into a history of eco-friendly businesses. His current project, an exclusive residential community near Orlando, Florida, called Magnifica, is no different. This elegant community of new-build homes prioritizes green construction and maintenance practices.
By promoting business resilience, a growth mindset, and renewable energy, Carey provides a living example of sustainability in multiple forms.
