I Got Fired From My Bank Job — Then Built a Multimillion-Dollar Business. Here's How I Made It Happen. Everyone asks how I turned setbacks into success. Here are four strategies to do the same.

If you've ever been fired from a job, then you know it can be a personally deflating experience. It happened once to me but I became determined to turn the negativity into a positive opportunity for myself and my professional future.

For me, it happened back in 1999. It was another day as a 25-year-old associate in investment banking at the headquarters of a major bank in London. I logged on, and about an hour into the day, I received an email asking me to meet in the boardroom. After two years in this job, this was the first time I'd ever been called to a meeting so abruptly. I knew it could only mean one of two things: great news or bad news.

Related: How to Tell You're About to Get Fired — Plus 4 'Typical' Reasons for It, From a Career Expert

I headed to the boardroom, and within a few minutes, I understood where this was going. I heard the words no one wants to hear: "You're fired."

I was shocked but somehow not entirely surprised. When I first joined the bank, the job seemed exciting and full of promise. But in the past few months, I had lost interest. The novelty had worn off, and I found myself dreaming of working in a creative industry. My first job in college was as a beauty writer for Seventeen magazine, and I remember fondly working with creatives and experiencing a different kind of adrenaline as we put together an issue. In the weeks before my termination, I spent more time daydreaming about being in a different job than actually caring about my work at the bank. Was I giving off signals that I wanted to be somewhere else — that this job had become just a paycheck, not a passion?

Fast-forward to today, and I am the founder and CEO of The Rodial Group, which has products sold in more than 10,000 stores across 35 countries. People often ask how I turned my bad luck around and what steps and advice I would share to help others achieve similar success when launching a new business. The following are four key strategies I learned on my journey — steps you can apply to overcome obstacles and find your own path forward.

1. Embrace setbacks as redirection

When I returned home after being let go from my bank job, I had no idea what I would do with my life. But I did know one thing: I didn't want to work for another bank. After reflecting on the passions and skills I acquired from my first job, I started thinking seriously about the beauty industry.

In 1999, there were only a few beauty brands — the big three and a handful of startups. Unlike today, the barriers to entry were high, and capital wasn't readily available. From my days at Seventeen, I saw a gap in the market for a high-end skincare line that offered targeted treatments for specific skin concerns. The big beauty brands were offering one-size-fits-all products, but nothing exciting was happening in terms of innovation. I saw this as a perfect opportunity.

After getting fired, I could have sat around feeling sorry for myself and adopting a victim mindset. But after giving myself a few weeks to process what happened, I pulled myself together and decided to take action. Following a major life change, it's hard to dive headfirst into a new project, but I'm a big believer that 'action brings action.' Even if you don't feel like it, take that first small step — it will lead to the next, and then the next.

Related: I Grew My Company From $20K to Millions By Focusing on Instincts, Not Investors

2. Identify transferable skills

At this point, I knew I wanted to start my own business. It took me six months to research the industry and find the right partners to develop my brand — from the lab that would formulate my products to the packaging supplier and the contract manufacturer for my production runs.

Starting a business for the first time can feel intimidating. In reality, I found that I had many transferable skills. My time at Seventeen magazine taught me a lot about branding, image and curating visuals for an editorial feel. In banking, I learned to create Excel spreadsheets and develop strategic presentations. If you're considering starting a business, take a look at your past roles and identify the skills you've gained that can be applied to building a new venture.

3. Be resourceful and start lean

I pulled all my resources together and prepared a business plan to secure funding. I connected with dozens of VCs but received zero investment. I was devastated — not just because of the money, but because I saw it as validation that I was not on the right track.

So, I decided to start small and use the resources I had available to me at the time. I had $20,000 in savings, and I launched the brand from a back room in my house, doing everything myself — a one-woman show.

My advice is to get creative. Find other ways to fund your new business, including getting friends and family to invest or using crowdfunding, which has become a popular way to raise capital. You could also keep a weekend or part-time job to support yourself while building your business. Create a basic budget, prioritize essentials and do as much as you can yourself to save for any areas where you may need to hire help.

4. Stay persistent in the face of rejection

Launching a beauty brand was challenging at the time. Every aspect had to be sourced from a different supplier, and the minimum order quantities for packaging were around 100,000 units. There was no e-commerce back then, so the only way to launch was to get your products into stores. But I believed in what I had to offer.

I didn't let VC rejections deter me from launching Rodial. While some funding would have validated my decision to start my own business, I knew I had to keep going. If you have a unique idea that you believe can be the next big thing and you're willing to put in the grassroots work to make it happen, that's the first step in developing the mental resilience needed to overcome challenges along the way.

Conclusion

Despite the initial obstacles, I launched Rodial a year after being fired — a collection of four products on a tiny shelf in Fenwick's Bond Street in London, an exclusive department store just around the corner from Vogue House. Now, as we celebrate our 25th anniversary, I know getting fired led to my journey of success.