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Simple Rules for Managing Mistakes and Failures

In: 66 Simple Rules for Entrepreneurs

Author

Listed:
  • Dean A. Shepherd

    (University of Notre Dame)

  • Holger Patzelt

    (Technical University of Munich)

  • Nicola Breugst

    (Technical University of Munich)

Abstract

This chapter offers simple rules for managing mistakes and failures. These simple rules are: to be successful, you need to be prepared for and manage failure; yes, you can learn more from your failures than your successes, but it can be more challenging than you think; you cannot choose to be error free, you need to choose which error you will regret less; prepare for crises because they will likely happen (you just don’t know what or when); and if you caused a mistake that was a core violation of your entrepreneurial venture and negatively impacts others, then you better make a good apology.

Suggested Citation

  • Dean A. Shepherd & Holger Patzelt & Nicola Breugst, 2024. "Simple Rules for Managing Mistakes and Failures," Springer Books, in: 66 Simple Rules for Entrepreneurs, chapter 0, pages 109-118, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-62032-4_12
    DOI: 10.1007/978-3-031-62032-4_12
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