Learning from Failure

The key in allowing an entrepreneurs fire to flourish it’s to create an ability for them to fail and for them to manage through that failure because I think that is probably one of the most critical things that separates an entrepreneur from a corporate executive. The buck stops with you and the buck often does not stop in a positive way and you really need to have the mental mindset to be able to see that through and I think this is an area where when you get into the brass task of how a family can nurture entrepreneurship. I think this is really where it can be difficult because your impulses to protect the next generation and help them succeed but part of really helping them succeed and be ready for success is to watch them and let them fail. I’m not sure how best to do that, it’s a delicate balance because part of the value of failure is that it is difficult it’s personally, psychologically. From a self worth perspective, it is a very difficult issue to deal with and those are also generally the kind of sentiments that you as a parent or as a family want to protect your child against. It’s hard and the only practical suggestion that I could think of is often it is valuable maybe to have a professional interface that separates you from the next generation because it is, as a parent, it’s difficult to sometimes tell your kids some things but if it part of a longer term approach and you see the longer term value in it, to have an interface in between you and your child or the next generation somehow always you to manage that contradiction a little easier.