Law #19: The Law of Failure
(This entry is part of a series I am writing on
Immutable Laws of Marketing.)
The Law of Failure says that "failure is to be expected and accepted".
Nothing interesting ever happens unless we take risks. The authors
encourage an atmosphere of risk-taking with a good discussion of why individuals
tend to be afraid of taking risks.
The chapter also includes another important point: When you realize you've made a
mistake, cut your losses.
It's just so hard to admit a mistake. Denial is a wonderful thing.
In his book, Barry
Moltz busts the myth that persistence is the most important thing for an
entrepreneur. Moltz claims that winners are people who know when to
I completely agree. We need to give ourselves the freedom to take risks
and try a lot of different things. But the obvious corollary here is that
not all of those risks will work out. We need to learn to quickly
recognize the ones that don't and take the appropriate action.
I could write lots of stuff about the topic of risk-taking, but I already