I keep hearing about how the Bush Administration and Congress don’t want the auto industry to fail. They don’t want the banking industry to fail. Yet most entrepreneurs will tell you that they’ve learned more from when they failed than when they succeeded. I’m betting that banks would learn more from failing than from getting bailed out.

There is something humbling about failure. There are so many lessons that come with failure. Perhaps the biggest is that we can recover. We can rebuild. We have it within our capacity to go beyond what we have failed at. That is the biggest life lesson we can ever learn, and I think it would behoove our Congress and President to let some of these businesses learn these valuable lessons.

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  1. I agree. I think all leaders need to have failed a sufficient number of times to have the sort of humility that was lacking in some financial firms (e.g. Lehman Brothers). Resiliency is a critical attribute – and I also think that having numerous skills that are useful to a variety of markets is also extremely helpful. I note my take on this in my blog today http://blog.scientificleader.com/2008/11/17/human-capital-carnage-or-renewal/




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