The British need to learn to love failure

Something we can learn from the Yanks.

Ben Bernanke, addressing Princeton graduates last month, made the following sage observation: "Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game."

This quote struck an immediate resonance with me. The notion of embracing failure as part of a learning curve and a vital life tool, in both a personal and business sense, is one scarcely heard on the UK side of the pond. I suspect that Princeton graduates will have already been familiar with the "fail to succeed" doctrine espoused by Bernanke, as it is taught in so many US classrooms and colleges. However Bernanke's statement, to my mind, illuminated the gulf that exists between US and UK on the critical subject of failure.  

In the US, failure is not necessarily a pejorative term denoting categorical error and misjudgement. It is not seen as stumbling block along the path of career development, rather it is viewed - as much, if not more - as an enabler rather than disabler. Failure enables learning, it creates clarity and understanding. It is not to be encouraged per se, but failure should be recognised as a natural part of existence and as something from which positive lessons can be drawn.

Clearly when failure destabilises economies profoundly or leads to terrible accidents people should be rightly held accountable. However in the business world it is fair to say that in the US people embrace the opportunity to learn from mistakes and therefore do not fear failure in the same way as their UK counterparts, who are raised to fear failure over and above all else. This culture of fear leads to a dearth in creativity, for why should one dare to do something different if there is the prospect of failure?

The issue in part stems from schools, the understandably rigorous examination system and progresses through to highly competitive, grades-tested graduate fast stream programmes and other "first job"' employment initiatives that covet "straight-A" students.

Whilst this approach is in its conception meritocratic and laudable, grades and academic 'success' does not always tell the complete story. Indeed, it might mean that some of the best candidates never get past the first stage in any recruitment process.

This is because being a straight-A student does not mean that they are perfect but merely someone who has never done badly in a course – impressive in itself, but also perhaps indicating that they have never really been tested. If they have not been tested to the extent of receiving at least some weak grades, then they are either superhumanly gifted or, I would argue, that they missed out on how to cope with failure. How to cope with failure moulds character in a way that achieving constant 'success' never can. And constant success in business is never achievable in the long term.

A final thought from Woody Allen: "If you're not failing every now and again, it's a sign you're not doing anything very innovative." Innovation is a process of trial and error – with the latter part being equally as important as the former. Clearly this process must be channelled towards the overarching aim of achieving success, but fearing error means avoiding innovation. Learning from mistakes helps to build better businesses. Of course with failure, a little goes a long way!

Ben Bernanke. Photograph: Getty Images

Co-CEO of DLA Piper

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Will Jeremy Corbyn stand down if Labour loses the general election?

Defeat at the polls might not be the end of Corbyn’s leadership.

The latest polls suggest that Labour is headed for heavy defeat in the June general election. Usually a general election loss would be the trigger for a leader to quit: Michael Foot, Gordon Brown and Ed Miliband all stood down after their first defeat, although Neil Kinnock saw out two losses before resigning in 1992.

It’s possible, if unlikely, that Corbyn could become prime minister. If that prospect doesn’t materialise, however, the question is: will Corbyn follow the majority of his predecessors and resign, or will he hang on in office?

Will Corbyn stand down? The rules

There is no formal process for the parliamentary Labour party to oust its leader, as it discovered in the 2016 leadership challenge. Even after a majority of his MPs had voted no confidence in him, Corbyn stayed on, ultimately winning his second leadership contest after it was decided that the current leader should be automatically included on the ballot.

This year’s conference will vote on to reform the leadership selection process that would make it easier for a left-wing candidate to get on the ballot (nicknamed the “McDonnell amendment” by centrists): Corbyn could be waiting for this motion to pass before he resigns.

Will Corbyn stand down? The membership

Corbyn’s support in the membership is still strong. Without an equally compelling candidate to put before the party, Corbyn’s opponents in the PLP are unlikely to initiate another leadership battle they’re likely to lose.

That said, a general election loss could change that. Polling from March suggests that half of Labour members wanted Corbyn to stand down either immediately or before the general election.

Will Corbyn stand down? The rumours

Sources close to Corbyn have said that he might not stand down, even if he leads Labour to a crushing defeat this June. They mention Kinnock’s survival after the 1987 general election as a precedent (although at the 1987 election, Labour did gain seats).

Will Corbyn stand down? The verdict

Given his struggles to manage his own MPs and the example of other leaders, it would be remarkable if Corbyn did not stand down should Labour lose the general election. However, staying on after a vote of no-confidence in 2016 was also remarkable, and the mooted changes to the leadership election process give him a reason to hold on until September in order to secure a left-wing succession.

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