Failure is one of the most underappreciated aspects of business. People seem to fear it, but it should be embraced. It provides us so much. By doing things that have the chance of failing, we end up trying novel things. Game changing things that make the world a better place and move forward our collective abilities and technologies. If you’re only ever trying things that have a small chance of failing, chances are you aren’t doing anything that actually adds value to the world.
Failure is also the only way to learn and grow. We learn very little from succeeding. Often times, success comes from luck or timing. But failure allows us to see what doesn’t work, so we can find what does.
We should embrace failure, celebrate it, and reward it in our corporate cultures, instead of trying to avoid it at every turn.