Cross-posted from Babson Media YouTube channel, posted on April 12, 2012.
In a video interview, Dan Isenberg discusses the difference between celebrating failure and embracing it as a education tool on the individual level and necessary element of economic development on the communal level.
"Let's not get carried away with celebrating failure from the entrepreneur's side," he says. "That's very different from encouraging risk-taking."
Cultures that are very entrepreneurial have a lot of churn, with a lot of company formation and closure, which is essential to economic development. Yet, he points out, it should still be considered an undesirable outcome for an entrepreneur.
On the policy level, he says, decriminalizing bankruptcy and enhancing labor flexibility are critical for creating a supportive environment, while being willing to risk failure and then learn from it is critical for gaining an education as an entrepreneur.
Do you agree? And is failure even accepted in this region in your opinion, much less celebrated?