Published on Growthink (http://www.growthink.com)

The 30/70 Rule of Failure

By Growthink

Created 11/02/2006 - 18:27

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.

Entrepreneurship

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