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Differentiate Between Noble Failure and Stupid Failure

David Pottruck, the CEO of Charles Schwab, says: "The idea that failure is okay is ridiculous. I am not going to go around the company and reward someone for failing. But here at Schwab we differentiate between noble failure and stupid failure¹".

Charles Schwab has a set of criteria for defining noble failure. Noble failure occur when:

• you have a good plan and know what you're doing, you've thought everything through carefully, and have implemented with sufficient management discipline, that if you look back in review, you'd conclude it was thoughtfully done

• you have a reasonable contingency plan to deal with any initial failure and the contingency plan must have been implemented

• you need to debrief yourself and ask what you can learn from the experience that will lead your company to be smarter next time.

Charles Schwab journals their failures and lessons they've learned. They maintain also a display of failed innovations and created a videotape for employee orientation. "When celebration of noble failure becomes institutionalized, people within the organization are more willing to reassess earlier decisions¹" and take corrective measures.

"Whatever Doesn't Kill You, Makes You Stronger" - Marlon Brando

Preventing Failure

Failure is not an accident - it's the result of interactions in a system. It has structure and sequence. NLP teaches you to habitually take a systemic view of things - to look at the different elements in a situation as parts of a system which functions for good or ill. This system involves people and a sequence of events, thoughts, feelings, actions and interactions. "Once you understand how the system is working - for or against you - you have a means of structuring things differently in the future, so you can avoid 'failure' again".²

Turning Failures Into Opportunities

To profit from experience you must be open and willing to learn, even from what some people might consider a failure. "Generally, people have a narrow and negative understanding of the meaning of failure, and therefore tend to fide from it, a reflex that can block valuable learning."³ What may seem to be a failure can actually lead to new opportunities, especially if the knowledge acquired from the failed projects can be exploited. Right learning questions can serve as a starting point for the assimilation of learning.

99 percent of businesses started by people lacking business experience fail within the first two or three years. And why is that? It's because they don't know how. They haven't the slightest idea how to make a business successful. They may have an idea for a product or service, but they don't know all the things that they need to know to run a successful business...More

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