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Learn From Failure

I read a good article recently in the Dallas Morning News about resilience. Peter Guber, Chairman and CEO of Mandalay Entertainment and a co-owner of the Golden State Warriors basketball team has some wise advice about what to learn from mistakes. Since he makes movies and owns sports teams he’s guaranteed an amount of flops – and the worst kind – public failure. His tips:

  • If you’re not willing to confront failure, you’ll become risk-averse.
  • If you’re risk-averse, you’ll get stuck in failure mode.
  • Don’t be afraid of failure and don’t run and hide. You have to be active in your own rescue.
  • Have a purposeful story. Don’t dwell on the story that got you down. Rather, embrace the power of your story that gets you back on your feet.

Guber said, “When our Bonfire of the Vanities was shown on airplanes, people still tried to walk out. …  Failure is an inevitable cul-de-sac on the road to success.”

Embrace Guber’s advice whether you’re investing in a business, giving a speech, or going to law school. Failure happens. Giving up is your choice.

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