Article # 5 – The Wisdom of Failure

The article entitled, “The Wisdom of Failure” (http://www.youngupstarts.com/2012/11/05/review-the-wisdom-of-failure/) deals with a book review which is applicable to business management. The central theme of the book is to learn from your failure, specifically, as said by the Chinese proverb “failure is the mother of success”, failure allows a chance to learn and thus leads you to success. This can be especially applicable to leaders in the business world and otherwise, as the book mentions a study conducted on managers across 21 industries, who each gave their opinions on the learning experience behind failure. The article talks about how different kinds of leadership can influence the potential lesson that can be learned from failure, and different company cultures can also affect what can be learned from leadership behavior. The book also discusses the common types of managers there are, and discusses what could come out of each of them, for example, the perfectionist, performance obsessed, self-absorbed, etc. Furthermore, there are a series of exclusive interviews with CEO’s of companies who give a better perspective on what they’ve done wrong and what came out of it. The article finishes by highlighting the importance of learning from your mistakes, and gaining wisdom out of it. The book, while intended to be business-related, can be applied in day to day life as leadership is a life long skill. 

Week of November 12th

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