How has a failure, or apparent failure, set you up for later success? Do you have a favourite failure?

It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, and comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.

Recorded · Sorbonne, Paris, 23 April 1910 · source

I would try to write my war story, whether it was interesting or not, and try to make something out of it. I describe that process a little in the beginning of Slaughterhouse Five; I saw it as starring John Wayne and Frank Sinatra. Finally, a girl called Mary O’Hare, the wife of a friend of mine who’d been there with me, said, “You were just children then. It’s not fair to pretend that you were men like Wayne and Sinatra, and it’s not fair to future generations, because you’re going to make war look good.” That was a very important clue to me.

Recorded · George Plimpton, David Hayman, David Michaelis and Richard Rhodes, The Paris Review, issue 69, Spring 1977, 1 January 1977 · source

My first mistake, of course, was in buying control of Berkshire. Though I knew its business - textile manufacturing - to be unpromising, I was enticed to buy because the price looked cheap. Stock purchases of that kind had proved reasonably rewarding in my early years, though by the time Berkshire came along in 1965 I was becoming aware that the strategy was not ideal. If you buy a stock at a sufficiently low price, there will usually be some hiccup in the fortunes of the business that gives you a chance to unload at a decent profit, even though the long-term performance of the business may be terrible. I call this the "cigar butt" approach to investing. A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the "bargain purchase" will make that puff all profit. Unless you are a liquidator, that kind of approach to buying businesses is foolish.

Recorded · Berkshire Hathaway annual shareholder letter, 2 March 1990 · source

A period of transition to a new quality in all spheres of society's life is accompanied by painful phenomena. When we were initiating perestroika we failed to properly assess and foresee everything. Our society turned out to be hard to move off the ground, not ready for major changes which affect people's vital interests and make them leave behind everything to which they had become accustomed over many years. In the beginning we imprudently generated great expectations, without taking into account the fact that it takes time for people to realize that all have to live and work differently, to stop expecting that new life would be given from above.

Recorded · Oslo City Hall, 5 June 1991 · source

As I was lazy and rarely did my homework, I finished high school with a rather mediocre exam. I almost did not pass in English language. Recently, my previous teachers allowed me to see their report on my high school performances, which included the following statements: Despite the fact that her talents are rather equally spread among many areas of knowledge, her performances are rather different depending on the distribution of her interests. Thus, with her strong display of self will she can be decidedly lazy in some topics over years, while in her areas of interests she performs to a degree far extending that required for normal school purposes.

Recorded · Laureate-written autobiography for Les Prix Nobel, 1 December 1995 · source

I tried for a Ph.D. scholarship to work with Cedric Mims, but was told to apply again later because he already had a "scholar" and would take only one student at a time. … The following week a job in the Department of Experimental Pathology at the Moredun was advertized in Nature. We sailed for Britain in early 1967, on a very slow and cheap ship.

Recorded · Laureate-written autobiography for Les Prix Nobel, 1 December 1996 · source

I got quite nice results in my one-question studies, but never wrote up any of the work, because I had set myself impossible standards: in order not to pollute the literature, I wanted to report only findings that I had replicated in detail at least once, and the replications were never quite perfect. I realized only gradually that my aspirations demanded more statistical power and therefore much larger samples than I was intuitively inclined to run. This observation also came in handy some time later.

Recorded · Laureate-written autobiography for Les Prix Nobel, 1 December 2002 · source

I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.

Recorded · Stanford University 114th Commencement, 12 June 2005 · source

I will begin with the importance of learning from experience. It is less important, I believe, where you start. It is more important how and what you learn. If the quality of the learning is high, the development gradient is steep, and, given time, you can find yourself in a previously unattainable place. I believe the Infosys story is living proof of this. Learning from experience, however, can be complicated. It can be much more difficult to learn from success than from failure. If we fail, we think carefully about the precise cause. Success can indiscriminately reinforce all our prior actions.

Recorded · New York University Stern School of Business pre-commencement lecture, 9 May 2007, 28 May 2007 · source

So why do I talk about the benefits of failure? Simply because failure meant a stripping away of the inessential. I stopped pretending to myself that I was anything other than what I was, and began to direct all my energy into finishing the only work that mattered to me. Had I really succeeded at anything else, I might never have found the determination to succeed in the one arena I believed I truly belonged. I was set free, because my greatest fear had been realised, and I was still alive, and I still had a daughter whom I adored, and I had an old typewriter and a big idea. And so rock bottom became the solid foundation on which I rebuilt my life.

Recorded · Harvard University Commencement, 2008, 5 June 2008 · source

When you’re working and you make mistakes, particularly when you’re young, you make discoveries because you do things that are inappropriate and wrongheaded, but within the wrongheadedness you find an unexpected way to go. These things are truly the breakthroughs.

Recorded · Debbie Millman, Psychology Today, 'Brainstorm' column, 1 May 2009 · source

Well, I'll be honest with you. I was a theoretical physicist but my Ph.D. work was on a problem that was not particularly interesting to me at the time. And I used to subscribe to Scientific American and I found that there were all these wonderful discoveries happening in biology and I also knew that a number of physicists had gone into biology and been successful. So, I decided to switch.

Recorded · Adam Smith, Telephone interview recorded minutes after the prize announcement, 7 October 2009 · source

Yes. Having lived through an era, where I was thinking of going to graduate school and was strongly discouraged because I would never be able to do anything but teach in a city college … Ah ha ha, life has changed!

Recorded · Adam Smith, Telephone interview recorded immediately after the prize announcement, 12 October 2009 · source

Working at the hospital, I found that my surgical skills were not as good as I expected. One time it took me two hours to do a surgical operation which could have been completed in 30 minutes by other surgeons. My supervisors were very tough on new residents like me, and I lost confidence in my ability.

Recorded · Laureate-written autobiography for Les Prix Nobel, 1 December 2012 · source

No one has a 5.0 in real life. In fact, when you finish school, the whole notion of a GPA just goes away. When you're in school, every little mistake is a permanent crack in your windshield. But in the real world, if you're not swerving around and hitting the guard rails every now and then, you're not going fast enough. Your biggest risk isn't failing, it's getting too comfortable.

Recorded · MIT 147th Commencement, 7 June 2013 · source

As hard as it's been to come to this decision, I am at peace with it. I have no regrets. I was not supposed to be here in the first place, remember? Not many people believed in my talent and my abilities, yet I found a way to persevere, to prove them (and sometimes myself!) wrong.

Recorded · Open letter, 'My dear friends', 19 September 2014 · source

But after one year of medical school I fled. I realized I would be a very unhappy doctor and I really did not want to be responsible for the inadvertent death of my patients. Leaving medical school was a very unusual decision, especially in Nigeria where it is very difficult to get into medical school. Later, people told me that it had been very courageous of me, but I did not feel courageous at all. What I felt then was not courage but a desire to make an effort. To try.

Recorded · Wellesley College 137th Commencement, 29 May 2015 · source

Day one of my first job out of college, my boss found out that I didn't know how to enter data into Lotus 1-2-3. That's a spreadsheet—ask your parents. His mouth dropped open and he said, ‘I can't believe you got this job without knowing that”—and then walked out of the room. I went home convinced that I was going to be fired. I thought I was terrible at everything… but it turns out I was only terrible at spreadsheets.

Recorded · University of California, Berkeley Commencement, 14 May 2016 · source

It was like switching out the engines mid-flight. I remember the day we turned on this free service, had we probably gone on for about six more months, I think we might have died as a company. That was a defining moment and that was as late as 2013. I think every great company has at least three near-death experiences.

Recorded · Slush conference, Helsinki, 30 November 2016 · source

I have never made any money from my films but I have won prizes and recognition. I have been on the margins forever. They all came to see me receive the award - there was Tom Hanks, Steven Spielberg and Richard Gere and so on. I was imagining what they would all be worth in money terms. You see I was never bankable, I could not bring any money ever to the table. I like the friendships and, yes, the admiration but I don’t want to make a big fuss about it. I will go on working as long as I am able!

Recorded · Richard Mowe, Eye For Film feature interview, 12 February 2018 · source