Americans have a more sanguine attitude towards failure than Europeans. On this side of the Atlantic, a failed business is something of a black mark. Over in the new world, an entrepreneur who hasn’t failed a few times hasn’t tried hard enough.
Perceptions are changing, in the UK at least, and rightly so. There is something odd about the idea that people have one shot in the world of business and one shot only. What’s more important is the manner in which people run their companies and, crucially, whether or not they acknowledge and learn from past failures. Entrepreneurs should be encouraged to try and try again, but they should also admit mistakes.