A “good fail” is a failure that has a learning value greater than the offset collateral damage. It is a failure that one is unlikely to repeat, but that helps to positively shape the person’s managerial style and business acumen. These types of failures are inherent to success and lead to new ideas about customers, innovations, and business plans.
THE GOOD FAIL is Latman’s story. “Despite all the tumult at Microworkz and the fact that it did not survive, the folks in Silicon Valley still call it a ‘good fail.’ It was a failure that entrepreneurs can learn from and that I, personally, could learn from and leverage to go on and start an even more successful company. What I learned was greater than the ultimate loss. That’s a good fail.”
Richard Keith Latman is an entrepreneur who has started 11 companies over the past 20 years, including iMagicLab, Microworkz.com, RetailTRAC, and MicroPOS. He is the Founder of Latman Interactive and the Chief Executive Officer / Co-Founder of iMagicLab, a Maryland based software company focused on the auto industry. Latman has helped design and sell the fastest growing industry CRM tool in the marketplace and trained tens of thousands of personnel.
Latman is an avid writer and technology columnist, who has published over 500 articles and has spoken at major events and seminars nationwide