How Important Is Failure To Your Business?

1. Failure is critical to innovation. Fail fast on smaller bite sized risks that won’t kill your company, and the knowledge gained on each iterative step will eventually deliver you – success. Matt Sims
2. Failure according to me is the harder way of learning things! However, a failure can be a good learning only when it is not costly! Once you fail, It all depends on how passionate are you about your success.Either you can change your path or you can continue with the next set of challenges. Akella Ravikiran
3. Without failure you can’t have success. I have failed many, many times in my life and my professional career and without those failures I would not appreciate my success, and without my failures I wouldn’t have learned some things about myself and the world. Very often people talk about a fear of failure, but I think it is fear of success they have. If you do something there is always chance of failure, but if you don’t do something there is never a chance of success. Rebecca Fein
4. My opinion on this is that as you long as learn from a failure in business, then it is not a bad thing, the trick is taking decisive action quickly once you know it’s not working. The quicker you can act upon it, the quicker you can move on and create a business success.Adam Barber
5. Yes it is important to fail fast as well as make sure you don’t make the same mistake twice. It’s okay to make mistakes – it’s really the only way you learn to improve your systems and products.  More importantly = it’s OK to fail. If we are not prepared to fail , we will never grow. Robyn Henderson
6. If you don’t fail and recognize it as failure, can you know and recognize success?  If you never fail, then you never attempt innovation. And if you never attempt innovation, any success you have will be short-lived. You cannot remain static in this day and age and continue to thrive.Eric (Rick) Thomason
7. Failure builds strength and character. It reveals one’s true colors. When things are going well, one can do all sorts of things, productive or not. When things are going poorly, one must adapt and face the problem head-on, with courage. Heidi Titchenal
8. nnovation, improved processes and best practices can all result from mistakes, but benefiting from failure requires an environment that encourages openness (a willingness to speak of failure without consequence) and earnest desire for constant improvement. H. Scott Miller

What lessons have you learned from failing?