Source | LinkedIn : By arun bhardwaj
Recently, I was at a conference, wherein one of the VCs was asked how they reward failure? I was really impressed by the response, this gentleman gave:
- He said when they invest, they prefer people who have had couple of failed ventures behind them, that way they would have learnt from their failures and their probability of making their 3rd or 4th venture a success is extremely high.
- He also mentioned that typically if they make ten investments, only 3 or 4 succeed, which implies they are investing in failure.
This is a great analogy of learning from failures and succeeding.
No one likes to admit they’ve failed. In business and in life people are rewarded and praised for success. That ends up creating a culture where we don’t learn from failure, and could end up repeating mistakes.
“You’re probably familiar with the popular saying that “there is no failure, only feedback”. I think that is a very powerful and inspiring statement.
It is true that failure can constitute feedback regarding what you’re doing wrong, which permits you to adjust your actions until you’re doing things right, which leads to success. But it won’t constitute feedback and lead to success by itself.
It’s not enough to just fail in order get useful feedback and ultimately to succeed. If it were enough, there would be plenty more successful people out there. You also need to actually study failure, understand it and learn from it. Only then it constitutes valuable feedback, and thus it paves the way to success”.