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Diane Garnick's Guide to the Fine Art of Failure
Posted Mar 12, 2010 01:00pm EST by Peter Gorenstein in Investing, PoliticsForbes is out with its annual billionaires list; essentially a compilation of capitalism's greatest success stories.
But success does not come without failure.
"The people that have succeed the most are the people that have embraced their failures and learned the most from them," says Diane Garnick, investment strategist with Invesco.
With that in mind Garnick is teaching a new class at MIT's Sloan School of Business entitled "Fine Art of Failure." The class is not about solving "Too Big to Fail" or the intricacies of bankruptcy; courses you might expect at B-School.
The course goal is about overcoming personal and career failures.
Tech Ticker caught up with Garnick earlier this week where she shared a few of the keys that allow one to turn failure into success:
Fail Early and Often Garnick says the average person fails 10 times over the span of their career. Since it's inevitable, she says it's best to fail early in one's career. Not only will you learn more, it will be less damaging to your company -- and your career.
Don't Deny Failure You can't learn from your mistakes if you don't own up to them. You'll be much wiser and more successful if you acknowledge your failure, says Garnick.
Take Risk Think about career risk and reward "the same way we think about risk and reward in investing," says Garnick, who knows a little bit about taking risks and overcoming failure, as detailed here.
As Michael Jordan would say: "'You can't win the game if you don't take a shot.'"
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