Don't Just Embrace Failure -- Learn How to Manage It

How you face failure can define you and your business.

learn more about Dan Pickett

By Dan Pickett

Opinions expressed by Entrepreneur contributors are their own.

"Fail fast" is an overly used and loaded adage. Entrepreneurs don't wake up and ask themselves "How can I fail today?" What's important is not to embrace failure, but to figure out how to manage it.

As an educator at Launch Academy, one of the hardest things I deal with are students grappling with failure. Our program attracts and admits overachievers, who, like entrepreneurs, are very hard on themselves. What's unexpected about our program and in entrepreneurial endeavors, is that failure is expected. How we face it is what defines us. Below, I share the recipe for failure we convey to our students.

Try. Theodore Roosevelt, one of the toughest and most interesting executives of our history, tells us that, "It is hard to fail, but it is worse never to have tried to succeed."

Akhil Nigam, Founder of MassChallenge said during a panel during National Small Business Week that "As an early stage founder, you must will your business into existence." If you do not act for fear of failure, how will you create anything of meaning?

Own your failure. While willing your creation or your new skills into existence, you will stumble across the way, and those that follow you will struggle as well. Take ownership of your part in failure. If you make excuses for yourself or blame others, no good can come of an already concerning situation.

Forgive yourself. For many of us, this is the hardest part. For me, personally, it helps to acknowledge that failure is a part of the human experience, and that I can grow from it. It also helps to have others to relate to. Dani Dewitt, an alumna of the Launch Academy program, shares "I think being around a group of people that were also fighting through the same kinds of things at night helped me realize I just needed to keep looking at things from different angles until I could solve the problem."

Apologize authentically. As part of owning your failure, be authentic to those you may have wronged. There is nothing more infuriating for your customers than the corporate "we apologize for any inconvenience." As an example, if your email service went down, it would be better to hear, "We know email is critical to your business, and we feel terrible for the disruption. We'll update you as soon as we resolve the issue to get you back up and running." Always acknowledge the problem and stress you understand the importance of solving it.

Perform a transparent retrospective. In corporate sillyspeak, one might call this a post mortem. This term needs to go away. Unless you're in the healthcare business, it's unlikely anyone died as a result of your failure. In software development, we use the term retrospective when we refer to a meeting where we look back at what went well and what went wrong in the management of failure. Involve stakeholders in this process, and be transparent in sharing what you've learned with your employees and your customers.

Teach others. We have a saying at Launch Academy, "to teach is to learn." Take the insight you've gleaned from your retrospective and share your tribulations. It will benefit others in that they can learn from your experience, and it will provide you with closure.

As entrepreneurs, our businesses move too quickly to dwell on failure. Use this framework as a means to learn and move on, having benefited from the experience. Let's not be confused anymore; failing isn't fatal.

Dan Pickett

Dan Pickett is the co-founder of Launch Academy, a 10-week immersive programming bootcamp based in Boston. He is also widely known in the local tech community, where he is co-organizer of the Boston Ruby Group and is also a member of Entrepreneur's Organization and the Young Entrepreneur Council (YEC).

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game
Buying / Investing in Business

The 19 Covenants of a Standard Franchise Agreement

A quick look at the promises, rights or duties that the franchisee or franchisor owes to the other.

Thought Leaders

Facing a Tough Problem? Try These Hacks to Find the Solution You Need

Not every problem has easy answers, and that's okay. Here are four ways you can free yourself from gridlock when you're stuck.

Business News

A Mississippi News Anchor Is Under Fire for Quoting Snoop Dogg

WLBT's Barbara Bassett used the rapper's "fo shizzle" phrase during a live broadcast, causing the station to let her go.

Business News

These Are the Most and Least Affordable Places to Retire in The U.S.

The Northeast and West Coast are the least affordable, while areas in the Mountain State region tend to be ideal for retirees on a budget.

Growing a Business

This $150 Lifetime Subscription Could Help Your Business Make International Connections

Train your employees with this subscription to Babbel and be ready for international deals.

Career

Thinking of a Career Change? Here Are 4 Steps You Can Take To Get There.

Author Joanne Lipman on what experience and science tell us about successful job pivots.