Transcript
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This is Scott Becker with the Becker Business Podcast and the Becker Private Private Equity Podcast. Today's discussion is small failures are fine. So, so here's the deal. I can. Somebody's an investment banking business and essentially that business is a great business. They essentially do lots of deals. This is a business that they've got that's not hitting home run deals, they're not doing billion dollar deals, but doing lots of deals of small and mid sized. And of course they will invest some effort and some time and energy into some deals that don't work out. But at the end of the day, as long as they have a ratio of deals that work out to those that fail, they're way ahead of the game. So the concept being in almost whatever you do, particularly don't put in so much capital or so much working capital or invest in so many people and so much talent, so much payroll and labor that you could often deal with small failures as long as you continue to hit enough of the extra base, hits enough of the signals and doubles regularly. So, so this is, the great concept here is basically in defense of small failures. If you invest in something, it doesn't work out, that's fine as long as you haven't put so much money into it that you're going to make yourself or your family or your company broke. So today's, today's concept is in all, in all seriousness, it's a salute to small failures that this is okay. Small failures are good, big failures are disaster. I mean it reminds me a little bit of the great book by Jim Collins, good to great, where he says when you're trying new things, fire bullets, not cannons. Which essentially means don't, don't, don't take shots at the plate, they're going to cause you to go broke. Rather take shots at the plate. That'll be what we call small failures. Life will go on, keep on moving forward. It's okay. That's the concept today. Small failures are fine. Thank you for listening to the Becker Business and the Becker Private Equity podcast. Thank you very, very much.