Great post….I totally agree with your approach towards failure… I most agree with point number 5 where either we succeed or we learn. If we look at missed opportunities as opportunities for learning we never felt like time was wasted. I think that your approach leaves failure as a process we put into our everyday actions and help with keeping our goal focused on success. I don’t think the human mind can focus on multiple things at once and focusing on failure and success sets up behind individuals who are only focused on success. I do however think that by incorporating the lessons you listed above of transparency, clear communication with stakeholders (family, investors, employees) are all good practices.
The only question I have is that many times as CEO and founder your view of the future may be different than all the stakeholders mentioned. Usually you have this view b/c you see and know more than any of them. Ultimately, we are the ones responsible for deciding and which of these would tipped the scales the most. If employees and loved ones say go do you stop because investors said no? Just curious of how our own personal senstiments tie into the decision of calling “we failed” or “onward”.
Eden I agree with your post on most levels but would rather replace fail with learn in a few of your ideas. It’s hard for me to believe we should plan to fail intentionally and fail often as an entreperneur with limited resources. I think these are things we have learned happen very often through founders dilemna but also are not things we should do “on purpose”. I think when you describe fail often it is in line with taking risk and not just “sitting” on the sidelines wondering if things will work however I don’t think we should make it a habit of attempting things we know will fail in order to just be “doing something”. The second one “fail intentionally” is also different when you describe it than the buzz phrase imo. I makes a sense once i read the description and looked at the image but at first glance I thought I should create scenarios where I knew failure would be the result but not what you “really” meant. All in all thanks for adding this post because I agree with the major idea but hope the feedback was helpful and keep bloggins! 🙂
Well written post….It is super helpful to think of “testing” a founder before you actually take the plunge. We usually run to find a partner and don’t take the time necessary to ensure we are mitigating the risk involved. If I look to found another company I will also take this idea into my formula.
I like this post…Good job grabbing my attention. I really like how you rephrased being humble. I think in addition to being open and humble, you must build “instinct” or a “trust your gut sense” over time. Over time and exposure in the innovation economy you develop confidence which builds this intuition. Most entrepreneurs don’t get it right the first time but learn a ton. I think a healthy understanding that the first thing you try or build will not work out, helps. However, unless your stupid and believe you will achieve your goal can you optimize learning.
Finally, similar to you I find a dynamic tension between the old saying, ” a smart man learns from his mistakes, but a wise man learns from the mistakes of others” yet “you can’t teach experience some things must be lived to be learned”. Guess I land somewhere between humble and stupid.