Make Failure Good for You

**Great article we found on Inc.com.**

This company’s fall from grace is well documented, but out of error comes experience. Follow these 5 tips from its founder for a “good fail.”

Fail Pants 2

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Richard Keith Latman thought he was creating his legacy when he launched his budget PC-manufacturing company in 1999. But after the attorney general’s office filed a formal action against Microworkz, Latman’s life was irrevocably changed. The promise of becoming Silicon Valley’s next internet billionaire disappeared overnight, and Latman moved on to lose 11 jobs in 12 months, as well as go through a divorce and filing for personal bankruptcy.

It took some time, and more failures, but Latman finally found his way back to the industry he loved, selling cars (which he did in record numbers). He simultaneously developed a CRM tool for car dealerships. Today, Latman is once again at the top of his game as the CEO and co-founder of iMagicLab, a software company focused on the automotive industry. He’s also founder of Latman Interactive.

Latman has experienced the peaks and valleys of life and entrepreneurship many times over, yet his uncanny ability to see the next opportunity where no one else does propelled him forward to eventual success and happiness.

“The skill is in getting up to 50,000 feet; above your issues, problems, and opportunities, and being able to look down as objectively as possible to see if there is a path,” says Latman. “If we had to play the role of the marble in a maze it would be much harder to make it through. Look down on the puzzle instead.”

Through his harrowing journey, Latman always kept his eye on his core talents to find his next opportunity. “History is the best judge,” says Latman. “What are the core skill sets that you bring to the world? Always recognize what you do well and what you do poorly and stick with what you do best.”

In retrospect, Latman recognizes that he never had a track record of raising money, building big teams, or managing inventory. “If I had stopped to assess my skills and experience when I planned that business, I would have surrounded myself with a completely different subset of people,” he says. “Entrepreneurs often look at themselves as who they want to be, not who they have a track record of being.”

In his book, The Good Fail, Latman tells his story and explains why failure can be a necessary steppingstone to success. “A ‘good fail’ is a failure that has a learning value greater than the offset collateral damage,” he says. “These failures lead to new ideas about customers, innovations, and business plans.”

**To read the rest of this article from the original source , Click Here**

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