Knowledge: The very first commercial software package I conjured up entirely on my own was called "Back In a Flash" and was, I thought at the time, very well done. Only it didn't work very well - while it generally did a good job backing data up, it was less successful when it came time to restore said data. It also didn't work with large systems, and was particularly slow. It was a failure. The next package I wrote was called "Back Again/2" and incorporated many lessons I had learned from the first time around. It became the cornerstone of a company a friend and I founded in 1994 and ran successfully until I sold in 2000. Without the initial failure and the lessons it taught me, I could not have been successful later on.
Perspective: In the midst of a seemingly important task, project, or other endeavor small problems may seem huge. Any entrepreneur can attest to this - many problems can seem like catastrophes. During my time at my first company, there were many such "catastrophes" which turned out to be nothing more than a minor irritant. In the midst of the issue, however, it was next to impossible to recognize that. The stress and heartburn that was repeatedly experienced (and meted out, too) was not necessary and at the time probably did more harm than good. Without those problems, however, I would not have gained the perspective that some problems are more important than others, and other problems may in fact not be problems at all.
Humility: This is perhaps the hardest thing to take away from failure, but it can also be among the most valuable. Humility isn't about being meek or timid; rather, it is knowing ones own limitations. I had the opportunity to join an internet startup a while back as a side gig. I thought it would be exciting, and it was, but I learned the hard way that it is nigh impossible to juggle a full time job, a family, a homebuilt airplane project, and a startup commitment while remaining sane. I didn't succeed in that endeavor, and I learned where my limits are. There are folks who could do all that without breaking a sweat, and my hat is off to them - I cannot.
One of my worst failures has been failing to learn everything that I could from failed attempts at various things. How about you?
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