Failure Is Just Part of the Game

Given the recent release of the documentary series The Last Dance, I found this example to be more prevalent than ever. Basketball great Michael Jordan once famously stated that he had missed more than 9,000 shots, lost 300 games and missed 26 game-winning shots in his career. Following that statistical analysis of his own mistakes, he said, “I’ve failed over and over. And that is why I succeed.”

Outside of the sports world, another famous quote similar to this in the business and innovation world was said by Thomas Edison: “I have not failed 1,000 times. I have successfully discovered 1,000 ways to NOT make a light bulb.” What he was touching on was perseverance and persistence.

These two famous quotes are integral to my powerful strategy: Fail Fast to Learn Faster; a central principle of my Anticipatory Organization Learning System. If you’re not failing, you’re not pursuing innovation, but when you do fail, rebound quickly and start all over again.

Many Failures, One Success

Here’s a statistic that really brings home the interrelationship between failure and innovation — and further, the value of learning to fail quickly. Studies have shown it can take upwards of 3,000 ideas to produce one product or service that goes on to be a commercial success.