Summary of The Wisdom of Failure

Looking for the book?
We have the summary! Get the key insights in just 10 minutes.

The Wisdom of Failure book summary


7 Overall

7 Applicability

6 Innovation

7 Style


Failure is treated unfairly. Professor of management Laurence G. Weinzimmer and business consultant Jim McConoughey discuss leadership failure and its repercussions as reflected in published research, a survey of managers and interviews with business leaders. Their guide to learning from failure is entertaining and insightful, though it does not set out to plow new ground. getAbstract recommends this basic, easy-to-read manual to leaders and managers who want to understand what worked in the past, what did not and why, so they can benefit from their failures.

In this summary, you will learn

  • Why it is important to learn from mistakes,
  • Where leaders are likely to fail and why, and
  • How to understand and overcome the traps you are likely to encounter in organizational life.

About the Authors

Laurence G. Weinzimmer is a professor of management at the Foster College of Business Administration at Bradley University. Business development consultant Jim McConoughey is a fund manager for venture and early-stage capital investments.



“Flawless Leadership: Learning the Lessons Without Paying the Price”
Kenneth Lay, the former chairman of Enron, and Jim Owens, the former CEO of Caterpillar, shared similar backgrounds: Both grew up in the same generation and with little money. Each labored hard, working numerous jobs ...

Comment on this summary

  • Avatar
  • Avatar
    Patrick Brigger 5 years ago
    Good read for all Managers
  • Avatar
    Guest 5 years ago
    Completely agree with the cautionary tale of discounting and how that can affect the value of not just the product but the entire brand.

More on this topic

Contained in Knowledge Pack:

  • Knowledge Pack
    Lessons from the leaders who never gave up.

Customers who read this summary also read

More by category