Monday, May 16, 2011

The Success of Failure

If you are afraid to fail, you are afraid to succeed. If you are afraid to risk failure, you will fail to take the risks necessary to succeed. Tim Harford explains the importance of failure, and the right attitude toward failure. Just as importantly, learn how to spot failure and change early. If your firm is sufficiently robust, give your employees the room to fail -- and you will discover great success. While startups are often born from risk-taking, the older a company gets, the less likely they are to take risks. This is unfortunate, as many of these firms have the robustness to absorb much risk-taking and failure. If you want your firm to come alive, risk failure.

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