Billionaire Sam Zell Explains Why It's Okay to Be Wrong

Everyone is wrong some of the time -- just make sure you calibrate every risk before taking a leap.

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Sam Zell -- who is promoting his new book, Am I Being Too Subtle: Straight Talk From a Business Rebel -- speaks to Mark Gerson, co-founder and co-chairman of GLG, about failure. Most entrepreneurs avoid failure at all costs, but to be a successful businessperson, you have to understand that failure is a part of the game. A great baseball player might make an out two out of three times he steps up to the plate, but it's the one time he gets a hit that counts. 

So long as you can be bold enough to fail -- while understanding the consequences and learning from past mistakes -- you'll be on the right track toward success.

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