Greetings!
Failure is as necessary a function of any success as anything we plan for. In fact, fear of failure is one of the four "fatal" fears that hold us back from best applying our talents and resources to create success.
The Worst Excuse. Period. The topic of failure is favorite fodder for motivational speakers. I think it's because so many of us fear failure - or more likely the perceived stigma of having failed. I was recently at a meeting with my friend Joe Paris, the CEO of Xonitek - and he spoke about a company that so embraced the value of their failures that they actively celebrated them. Let's face it, we love winners - and tend to cheer-on the underdogs who dethrone the champions. The late Oren Harari, (see more about him below) speaking at a regional conference of Vistage members some years back had noted that "one of the best predictors of impending failure is recent success." In part because you become the target your competitors are all aiming for - and in part because success sometimes causes us to stop and celebrate - or at least become complacent. I am not about to harp here on the value of failure as motivation for success. In fact, none of the CEOs I work suffer from a need for motivation. They may suffer from lack of time (or perceived time), lack of confidence in their decision-making process, lack of cash or shortage of talent - and the often, consequential lack of sleep. If anything, failure comes from being too motivated - and not slowing down to ensure that their motion is either in the right direction - or has sufficient traction with reality. There is an old adage that "people don't plan to fail - they fail to plan" - yet clearly not every success is planned - nor every failure the result of not planning. In fact, I find that the people who succeed in building the small businesses that serve as the foundation for our economy - are in fact accidental successes. They are usually hard driving and passionate - but not necessarily following a plan as much as chasing a dream. The problem with lacking a plan usually comes later on. This is what I call "The Journey From Accidental Success to Deliberate Leadership." The two crucial questions that guide deliberate decisions are simply, should we and can we. "Should we" involves determining whether there is measurable value to achieving the results we are assessing. In other words, if we are successful, what will we have gained. "Can we" must take into account both the cost of failure - and the cost of success. Most of us tend to calculate the cost of failure - again, because we tend to be afraid to fail. But also because it just makes logical sense. We can calculate our investment of time and money - and that is generally the cost of a failure. We also know that the costs might be greater than that - and it might cost us our company, our personal financial wellbeing and our reputation. At an extreme - it has cost marriages - and even lives. We may drive ourselves believing that "failure is not an option" - but in our gut - knowing that it always is. It takes more than gut to assess the cost of success. In most cases it requires the experience of prior success and suffering the consequences. Rapid growth is often unsustainable. It drains resources, strains talent and often creates cash flow challenges that can easily bankrupt what would appear to be a profitable business. It can also create strains on leadership and become an enormous distraction - in addition to putting a competitive bulls-eye on your back for your competitors to take aim at. Without experience these may seem like "good problems to have." In reality, growing broke is one of the most frustrating and avoidable experiences any company can face. The solution is to rigorously interrogate the realities of success: determine what the true cost of success (or failure will be) and whether there are ample resources in place to handle it. If not, slow down. Steve Jobs, quoting Nietzsche in his now famous Stamford Commencement Speech - noted that "what doesn't kill us - makes us stronger" - and went on to remind is "but it will almost kill you." The point I am finally arriving at here is that as important as it is that you pose the question, "can we?" the more devastating consequences occur when we fail to ask the question "should we?" If you have reason to attempt a challenge -even if you fail, the process tends to be valuable and instructive. The miserable scenario is failing at something that had no real value or purpose to begin with - or worse still, failing because of the attempt. When conducting post mortems on business failures in the wake of prior successes - we often see the hubris and access to resources leading companies recklessly down "fools' paths. The lesson learned from determining that the only reason the effort that failed was undertaken was simply that "we could" - and never bothered to really determine if it even made sense - often comes too late. It is simply the poorest and saddest excuse for failure. I am not suggesting we shouldn't explore the unknown - and attempt to achieve great things. Great discoveries usually involve taking enormous risks - and when we succeed, result in even more enormous rewards. The difference between being bold and courageous versus blind and foolish is simply remembering to keep asking the right questions. Sometimes when we know for certain why "we should" or must do something - we realize that we "simply can't afford not to." Then, even when we fail - those failures tend to be sweet - and among the most valuable and motivating experiences in the life of any successful entrepreneur or inventor. The things that make sense to do, that are truly important or will make a real difference - are the things truly worth mustering the courage to risk failure for. As always, wishing you a great and successful week ahead. 
Philip R. Liebman Managing Director, Strat4 Group Chair, Vistage International | 
This short award-winning film speaks to our ability to impact the behavior of others through our own behavior. The art of building a powerful and productive workplace culture is either fostered or stymied by the behavior of it's leadership. Perhaps it's time you examine how you "show-up" to your employees - and begin to imagine the positive impact you can have.
About Phil Liebman: 
About Vistage 