Entrepreneurship is about taking risks and making mistakes.

How this helps you

You probably already know that people learn more from their mistakes than from their success. For entrepreneurs this is no different.

What is it?

One of the best ways of learning from other people’s mistakes is to ask for their biggest failures. This may result in spectacular stories that are fun to repeat, so people love telling about them (when they have overcome the damages). And that is why we for instance still quote Thomas Edison, who used to say: “I have not failed. I’ve just found 10,000 ways that won’t work”. Go find stories to learn from. But be aware…always be prepared to share your stories first.

How does it relate?

When pursuing an idea, there is always an element of risk attached to it. If you are charting unknown waters, there is a chance you may miss the mark and sink the ship. But you should accept and reward failure. Work hard to develop a culture in which, you can’t be succeeding if you aren’t occasionally failing. Believe in constant experimentation and iteration. From internal hackathons where employees get to dream big and build fast, to the “best screw-up” award”. Constantly challenge to get over the fear of failure and stretch past the realm of comfort and into the realm of bold and creative.

Your next Waypoint

Which people inspire you? Find out their stories about difficult challenges, failures and the eventual path to becoming the person that you find so inspirational. What can you learn from this?

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