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New York Times, January 22
Most successful entrepreneurs acknowledge that they have learned as much from their failures as their successes. Being able to embrace failure is true as well for anyone attempting to build a successful career. As the article points out, there are three primary reasons why failure actually leads to career success. First of all, failure highlights the need to take chances in your career. Secondly, failure can knock you out of a false sense of complacency and force you to try something new. Finally, failure can force you to rethink your assumptions and improve your problem-solving abilities.
On the surface, it can be difficult to understand why failure is OK. However, if you are not making mistakes, you are not trying hard enough. Those who take genuine risks know that failure is the norm, success the exception. According to entrepreneurs profiled in magazines such as Fortune Small Business, it is important to be able to live well on a tight budget and develop a high tolerance for risk. Doing so forces you to become more innovative, more creative and more of a risk taker.
That being said, it is difficult for us to learn from our mistakes. According to researchers from Harvard Business School, social systems tend to discourage people from examining their failures. First, individuals experience negative emotions when re-visiting their mistakes, leading to an erosion of self-confidence and self-esteem. Second, conducting an analysis of a failure requires a spirit of inquiry and openness, patience, and a tolerance for ambiguity. However, most managers admire and are rewarded for decisiveness, efficiency, and action rather than for deep reflection and painstaking analysis. People tend to be more comfortable attending to evidence that enables them to believe what they want to believe, denying responsibility for failures and attributing the problem to others.
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