Summary of Don’t Fail Fast; Fail Mindfully

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Don’t Fail Fast; Fail Mindfully summary
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Rating

8 Overall

8 Applicability

8 Innovation

7 Style


Recommendation

When Leticia Gasca’s business foundered, it took her years to come to terms with that failure. But once she mustered the courage to share her story, she found that many people have experienced a similar outcome and that opening up about personal flops strengthens resilience. In this TED Talk, Gasca explores the nuances of business failure. getAbstract recommends her speech – which contains some strong language – to failed entrepreneurs who need a gentle reminder that they are in good company.

In this summary, you will learn

  • Why the “fail fast” paradigm is disrespectful and promotes laziness, and
  • Why the “fail mindfully” framework is a more considerate approach.
 

About the Speaker

Leticia Gasca is the executive director of the Failure Institute, a research center that studies business failure.

 

Summary

In numerous societies throughout history, it was common for failed entrepreneurs to undergo sadistic public ridicule and humiliation as punishment for the collapse of their enterprises. Yet severe penalties for failure stifle entrepreneurship. Today, despite Silicon Valley’s mantra of “fail fast,” business failure still is a painful taboo subject.

Leticia Gasca felt the pain of failure when she had to close her business. She had started a venture to help indigenous Mexican women sell their artisanal products. Although she built the enterprise exactly as she’d learned in business school, her vision was unrealistic and...


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