Failures of Steve Jobs

Nick Schultz has a nice piece on Steve Jobs’s greatest failures — and how they contributed to his success. Failure, as we’ve noted before, is an essential part of entrepreneurial experimentation. Unfortunately, today’s political culture emphasizes bailouts, subsidies, and other forms of protection against failure. As Nick puts it:

There’s a moral here for a Washington culture that fears failure too much. In today’s Washington, large banks aren’t permitted to fail; nor are large auto firms. Next up will be too-big-to-fail hospital systems. Steve Jobs is a reminder that failure is a good and necessary thing. And that sometimes the greatest glories are born of catastrophe.

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