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Failure

Nobody wants to fail. Not only does failing feel bad, but often times you also feel like you’ve wasted time and energy in your pursuit. And sometimes you’ve even spent a lot of money before failing. But unfortunately failure can be a large part of life, especially in some industries and circles. In fact, some of the most successful people you’ve seen have failed a lot more than you think.

In the start-up world, conventional wisdom shows that people fail quite a bit. They have ideas for new businesses, ideas on ways to raise more money, and strategies on how to get others involved. But often times, the ideas don’t catch on, the founders can’t execute their vision, or the business model is flawed.

The same is true in business school. You have ideas about what careers you want to pursue. What clubs you want to lead. And what you want to accomplish. In some cases people come in with these ideas after months, and sometimes years, of thinking and preparation.

This is especially apparent in the recruiting season, where everyone is going for the same jobs at the same companies. Everyone going for consulting wants to work at one Bain, McKinsey or BCG. Everyone in Banking wants Morgan Stanley, Goldman Sachs, or one of the other bulge bracket firms. And in marketing, people want to work at Pepsi, Proctor and Gambel..But in the end, there are only so many spots, the competition is stiff, and you aren’t always a fit even if you are the smartest person in the process. Further, sometimes you just don’t have your best day.

So in some ways we all have to get used to failure. And some might propose that you have to become good at it. That is to say, learn to fail well and figure out how to move on and learn from it. Easier said than done? Of course. After all, when you’ve give it everything you have. put your passion into a project, and given it your all, failure can hurt. Likewise, if you’ve taken money from investors, garnered votes from your consituency and promised to change the world, you migth still feel like you owe others.

I recently stumbled across a blog named Information Arbitrage which discussed ways that you can “fail well”.

While it’s easy to say “fail well” and “try again” sometimes it can be tough. But the tips above are good. I especially like the second to last – talk to a lot of people and don’t hide. Instead get their advice and support. Feed off of positive energy and recover as quickly as possible. Then re-assess to see if you can find a way to do it again. And if you’re working on something you are passionate about, then you will.

This Michael Jordan commercial says it perfectly.

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