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Viewpoint: Daniel Isenberg

From Harvard Business Review: “Policy makers from the government of Singapore to the European Union have advocated ‘embracing failure’ to encourage entrepreneurship. Well-intentioned though they may be...

“Policy makers from the government of Singapore to the European Union have advocated ‘embracing failure’ to encourage entrepreneurship. Well-intentioned though they may be, these attempts to celebrate failure are misguided. Policy makers [need to learn to] calibrate the fear of failure to encourage entrepreneurship without suggesting that failure be vaunted. Early failures are important because they generate systemic learning about where opportunities are (and are not), and they quickly free up people, capital, and ideas for more-promising projects. Rapid failure functions like the draft of a chimney: The fast exit of failures sucks in new entrants. Treating failure as a normal aspect of venturing into new business, and developing the right perspective on its value, will help fix the fear of failure without going overboard with festivities in its name.”

Daniel Isenberg in Harvard Business Review

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