The 30/70 Rule of Failure
Written by Jay Turo on Thursday, November 2, 2006
A great baseball player will get out 70% of the time.
A great venture capital firm will fund companies which fail 70% of the time.
So what does this mean? It means that failure IS an option. If we are not prepared to fail, then we will never take chances; we will never try new things; we will never launch new ventures.
While we shouldn't plan for failure, and we should constantly focus on success, we need not be afraid of failure. Conversely, we should embrace the lessons that failure offers us - why did we fail? what can we do differently next time?
Milton Hershey bankrupted six companies before forming Hershey Chocolate. Clearly he learned from his failures and knew that eventually he would succeed.
Share this article:
Products & Services
Growthink Around The Web
Best of Growthink
Looking for Opportunities Now? How to Write a Business Plan for Raising Venture Capital Top Seven Capital Raising Mistakes 20 Reasons Why You Need a Business Plan Top 10 Private Placement Memorandum (PPM) Mistakes The Secrets to Their Success? 25 Quotes From Famous Entrepreneurs The 6 Untold Reasons Why Businesses Fail 7 Entrepreneurs Whose Perseverance Will Inspire You Top 7 Myths About Starting a Business Business Exit Strategy: Planning to Sell Your Business How to Make a Business Plan Capital Raising Resource Center