What role does failure sometimes play in entrepreneurial success?
This is an excellent question. There are many things that failure can do to create success when it comes to wise people. Let me name a few of them.
First, learning to fail well is a valuable lesson. This enables a person to take risks. Too often people do not take risks, because they do not want to fail. Failure is a part of life and what separate great people from others is learning to deal with failure and moving on from there.
Second, failure is not really failure, if a person learns something in the process. In fact, some of the most valuable things can be learned, because in failure a person is gaining invaluable experience in a field. These insights and experiences can be what a person needs to excel in the future.
Third, a valiant failure can also lead to success, because in the process, a person is able to make new contacts that he or she can use in the future. So, there is gain in the respect.
Finally, in failure a person might be able to experiment a little more. From this creative solutions can emerge, which can be applied to later solutions.
In light of all of these points, wise people and great entrepreneurs learn from failure.