Smart Business Magazine, June 2016

8 Smart Business Akron Canton June 2016 The case for failure Why you must always learn from your mistakes This next generation is expected to have six to seven with at least three career shifts before they graduate into their as yet uncertain retirement Imagine Along the way I have had many successes and just as many failures Let me tell you about my favorite epic fail I had the good fortune to work for the University of Akron Research Foundation career No 4 Two crazy retirees convinced me to join them and cut my salary in half we were a not for profit with a mission to change the world Among other things we got into the beer business ROOBREW Fine Craft Beers started in 2009 We jumped in with both feet the excitement of our new endeavor carried us along with huge smiles on our faces And right out of the gate we did everything wrong We got into the business for emotional reasons We didnt do our homework We underestimated the level of regulation We believed that our partners in the supply chain would do everything they said they would We could not have made more bad decisions if someone had given us the script for failure We closed our doors in early 2013 I learned much from this failure But do people truly understand and appreciate what failure can teach us Our Midwestern culture is steeped in the traditions and beliefs brought here by our immigrant forebearers We take hard work and self sacrifice for granted And we see failure as just that failing Conversely the West Coast has a culture that not only accepts failure but embraces it You dont earn your seat at the table at many companies unless you have failed at least once and its best if you have a few under your belt They see it as a necessary part of the learning process Steve Jobs didnt get it right until his third try By almost any measure Thomas Edison should have been branded a failure Warren Buffett doesnt talk about every time he was right he tells stories of what he learned when he was wrong The lessons I learned from my epic fail and the many non epic ones too help me when I work with entrepreneurs and corporations today I understand how to evaluate risks what doing your homework means the importance of understanding and being able to count on your partners Try this the next time you are looking for a new employee Tell your human resources people to find someone whos failed a few times Thats somebody who has earned their scars learned valuable lessons and like you wont make the same mistakes again Unlike many baby boomers I have had a number of careers I think I am on my sixth or seventh Most people in my generation have had two to three jobs in their lifetimes JOHN MYERS Entrepreneur in residence director TA2 University of Mount Union John is helping the University of Mount Union build out its entrepreneurship program connecting with manufacturing companies to provide R D and to establish a patent and IP commercialization policy as well as managing its incubator myersje@ mountunion edu www mountunion edu http linkd in WX8RWh www facebook com UniversityofMountUnion @ mountunion JOHN MYERS INTROSPECTION www pinterest com mountunion www instagram com mountunion www youtube com user universitymountunion