Quote of the Day: Failure

"Fail often to succeed sooner."
Tom Kelley in "The Art of Innovation"

RELEVANCE People often forget to consider that success is a process and that failure(s) is an inevitable and often positive part of this process.

Fear of failure leads to a reduction in speed of this process which in turn leads to fewer iterative steps and thus fewer opportunities to learn how to succeed. This applies to individuals, companies and even countries which demonstrate a cultural 'fear of failure'.

The economic consequences can be significant for all of these parties as the rapid learners (those who typically fail often) gain a competitive advantage as they apply their superior knowledge to develop more innovative solutions which will in turn attract more people to their products or services.