Why Failure is ImportantTBOP2017 ⋅ 2:12 ⋅ Filmed May 12, 2017
As a business owner or would-be entrepreneur, probably one of the things that keeps you up at night is failure. It’s an uncomfortable, and sometimes downright terrifying, concept. But in this honest Q&A, Derek Ball argues that failure is as necessary to entrepreneurship as oxygen is to the body. Why do we need to fail and what must we do when we’re experiencing failure? Watch this clip to find out.
TC: Let me ask you. We talk about the positives and what you must do but nobody who's successful in this world, especially the technology world, nobody who's successful hasn't failed at least once, twice or three times. So why is failure important, or as important, as success?
[00:24] DB: I've heard a few interesting quotes and I'm trying to remember if it was Einstein who said, "Wisdom comes from having done everything wrong the first time". (laughing) And there's no question that, I've built several businesses now, everybody goes, 'oh, it should be easy by now, isn't it?' No, it's like, 'it's never easy' and I just make new mistakes every time I do one. So, don't be afraid to make mistakes 'cause that is how you're going to get out there and be successful.
[00:54] DB: The way that you're going to learn what you want to do and if, you're doing it right, you're going to get knocked down and you're going to get back up. You're going to get knocked down and you're going to get back up. I think that's really important. In fact, I love seeing quite a few schools that have come out here today, and I think that a great message that I would like to make sure the students and the kids here are...you just have to try and when you fall down, you do it again.
[01:19] DB: One of things that I think we're doing a much better job of now that they didn't when I was in school, when I went to university I was taught to be a good employee at an oil company. I went to University of Calgary and that was just not how I was wired. I see now [that there's] a lot more focus in the schools on entrepreneurship. That it's OK to not just came out of school and go be an employee somewhere. I think it's great to be an employee and learn that but if you have that entrepreneurial attitude, go do it. Step out. Build your own business. There's no better time than when you're young and excited and energetic.