Join the club
‘I will work day and night to avoid failure,’ says Richard Branson. ‘But if I can’t, I’ll pick myself up the next day. The most important thing for entrepreneurs is not to be put off by failure.’
Billionaires Branson, Gates, Dyson and Jobs all have at least one failure under their belt. To reach for success, you have to first be willing to see your own failures alongside those of business and innovation greats and recognise it can pay off to keep trying.
The golden rule of failure
‘A “good fail” is a failure that has learning value greater than the offset collateral damage,’ according to Richard Keith Latman, author of The Good Fail. To learn from failure:
- Schedule failure debriefs. If you are going to learn, you have to spend time analysing what happened. Dissect the failed venture or idea on your own, with a team or with mentors and colleagues.
- Identify your springboard. The lessons you learn from your debrief will help you identify your springboard-what you do right-so you can figure out how to carry that over to future projects.
Handling failure the right way means being willing to dissect a sometimes uncomfortable topic so you can learn from it and move on to the next undertaking with a better chance of success.
(Hat tip to Gareth Williams for the photo)