DesignBiz Rx Weblog

Jeff Wuorio writes about business and financial issues for Money, Business Week, Fortune, etc. He also has a blog that I check out on a regular basis. In one his many short pieces I’ve referenced he discussed the importance of making mistakes, which can be summed up thus: If you’re not making mistakes, you’re not trying hard enough.

In a tight economy it can difficult to convince yourself (or others!) that failure can be beneficial, Wuorio’s offers these three advantages of failure:

1. Failure emphasizes the need to take chances. The cliché in this case, is accurate: No guts, no glory.
2. Success breeds complacency, when everything is smooth sailing, you’re less likely to try something new…and you’ll eventually lose out to hungrier, less risk-adverse competitiors.
3. Failure makes you rethink, reassess and re-evaluate. It challenges your assumptions. It forces you into a new way of approaching your business. Because the old way obviously didn’t work.