Happy BDay Beyoncé. The demi-billionairess who is one of the most successful recording artists of all time. And yet, her second vlog about her “mini art feature” called “Self-Titled” included as its second episode a reflection on finding “beauty in imperfection”. And it you are look for other “wildly successful” people who embrace failure, check out Fortune’s “10 Wildly Successful People on How They View Failure” – Stephen King, Bill Gates, Donna Karan, Steve Jobs, Woody Allen, Michael Jordan, Theodore Roosevelt, Malala Yousafzai, JK Rowling and Beyoncé – and number of which who have featured here before.
Happy Bday eBay! 23 years ago today, the digital titan sold its first item – a broken laser pointer:
- “In 1995, back when eBay was called AuctionWeb, its owners set out to test the new website by listing a broken laser pointer for sale. Much to their surprise, the laser pointer was quickly purchased by someone for $14.83. Confused, the owners asked the customer if they knew that the laser was broken. When the customer replied, ‘I’m a collector of broken laser pointers,’ they knew they were onto something big.”
One person’s trash…
World Series of Poker also finished yesterday. I’m a big fan of the lessons about risk (upside and down a la leadership and management) as well as embracing failure (‘know when to fold ‘em’) that poker teaches. I’ve shared posts before by the deepest expert in poker I know, childhood friend Aidan Lloyd, and his piece New Personal Worst embraces failure with particular vigour…
- “I get almost as much of a thrill from setting a personal worst as I do from setting a personal best. That may seem strange, but it’s the truth. I love setting records of any kind 🙂 Last night, I set a new personal worst. I had the losingest 11 session stretch of my career, based on the number of profitable sessions within that stretch.”
National Tattoo Day today. A time to celebrate the ancient tradition of inking the skin. Some of my favourite tattoos are the one that celebrate a failure. Buzzfeed featured a colourful collection of such artistry – “13 Awesome Tattoos With A Secret Behind Them”. Coincidentally, our daughter, Isley, recently wrote a play that was produced in London called “Albatross” with similar themes.
“It’s not really a catastrophe. It simply feels that way.” – Seth Godin
I’m a big fan of journals. I use them to log my travels, my reflections and even my failures. Seth Godin eloquently advocates the lattermost as a literary embrace of failure in his post “A Catastrophe Journal”:
- “Every time you’re sure you’ve blown it, completely blown it, that you’re certain you’re going to get disbarred, fired, demoted—becoming friendless, homeless and futureless—write it down in your Catastrophe Journal. Write down.
- What you did that was so horrible
- The consequences you expect since the world as you know it is now coming to an end.
- Do this every time a catastrophe occurs. What you’ll find, pretty certainly, is that two things happen:
- You will realize over time that your predictions of doom don’t occur, and
- As soon as you begin writing down the details, the cycle we employ of making the details worse and worse over time will slow and stop.”
Happy Birthday Seth. One of my longstanding blog inspirations. Like King Friday XIII of Mister Rogers, Seth gives us the gifts on his birthday (at least through me sharing some of my favourite quotes from him on the embracing failure theme)…
- “Going faster doesn’t make you less lost. It’s okay to ask for directions. (Knowing you’re lost is half the battle.)” – Seth Godin, “Not all who are lost, wander”
- “The only way is forward. Forward moves us from what we have now (perfect, or at least we’re no longer living in fear of what’s not right) to a world filled with nothing but imperfect. If you want motion, the only way is through. We get to the work we seek by passing through imperfection.” – The Road to Imperfection
- “You’ve permitted magical to walk on by. Not to mention good enough, amazing and wonderful. Waiting for the thing that cannot be improved (and cannot be criticized) keeps us from beginning. Merely begin.” – Seth Godin, “While waiting for perfect”
- “One reason people who spend a lot of time thinking about and working on a problem or a craft seem to find breakthroughs more often than everyone else is that they’ve failed more often than everyone else.” – Stumbling Your Way to Greatness
- “The alternative to being a spectator involves failure and apparent risk.” – Watching vs. Doing – Confronting the Spectator Problem
- “Don’t curse the dead ends and the failures. They’re the key element of the work you’re doing. We find our way by getting lost. Anything other than that is called reading a map.” – The Second Time you Create That Breakthrough
Happy Birthday Amazon! It turns out that one of the web’s greatest success stories is a glutton for failure. Here are a few examples of their embrace of failures…
- Costing billions – "I’ve made billions of dollars of failures at Amazon.com,’ Mr Bezos told a New York conference sponsored by the news website Business Insider. ‘My job is to encourage people to be bold… If you’re going to take bold bets, there’s going to be experiments.’ He added that "experiments are by their very nature prone to failure. But a few big successes compensate for dozens and dozens of things that didn’t work.’ The comments came after what appeared to be a disastrous introduction of Amazon’s Fire smartphone, which has failed to gain traction with consumers and led to a loss of $437m in the past quarter. Asked specifically about the smartphone, Mr Bezos said ‘it’s really early’ to judge its success or failure, and added that ‘some of these things need iteration’.” – “My decisions have cost Amazon billions, admits founder Jeff Bezos”
- Engineering the Cloud for failure – “A common misconception for consumers of cloud services is that SLAs ensure availability. In reality, SLAs do nothing to improve availability. SLAs only provide a way for attorneys to make money arguing over compensation after a failure. In most cases, the eventual compensation is the cost of the services for the outage period, not the loss the outage caused. Cloud service providers must plan and engineer for failure in order to be successful.” – http://www.sendmail.com/sm/blog/wik/?p=1765
- Where are the losers? – The question from an Amazon shareholder at its recent annual meeting: “Amazon seems to be executing well lately — is the company taking enough risks? If it’s still Amazon’s philosophy to make bold bets, I would expect that maybe some of them wouldn’t work out, but I am just not seeing that. So, my question is where are the losers?” Bezos reflected on a number of initiatives (Kindle, AWS, third-party seller business) as well as on the Amazon culture. But the comment that struck me was his more textured conclusion on failure, neither embracing nor rejecting it wholesale: “If you invent frequently and are willing to fail, then you never get to that point where you really need to bet the whole company.”
- Annual Failure Report – “One area where I think we are especially distinctive is failure. I believe we are the best place in the world to fail (we have plenty of practice!), and failure and invention are inseparable twins2. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment. Most large organizations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there. The reason that this willingness to tolerate and even celebrate failure is so critical, he continues, is that outsized returns hover behind potential failures: Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a ten percent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments.” – 2016 Annual Corporate Letter…