The Economic Perspective: “Is Failure a Part of Success?”

Mary: I’m Mary Walden with economist MW, welcoming you to the economic
perspective. Today’s program asks, is failure a part of success. Mike, people are always
looking for advice about being successful in the economic world. You have the results of
a study that sheds some new light. Please share some of the key findings.
Mike: Summary Answer
a. Focus of the study is on innovators who develop new products and ideas,
as well as those starting new businesses
b. Key result – a large percentage of the successful people actually had
failures before they succeeded
c. So can conclude failure may be part of learning to be successful
d. Learn what not to do; learn how to do things better; learn where your
talents can be most useful
e. Personal example – started to be an architect – not good results – then
moved in to economics
f. I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension
program from the Department of Agricultural and Resource Economics.