The Other "F" Word: How Smart Leaders, Teams, and Entrepreneurs Put Failure to Work

ForewordBy Jeffrey BewkesChairman and CEO, Time Warner

I'm in the business of storytelling. Time Warner is one of the world's largest, most innovative entertainment enterprises. We search for powerful stories that our audiences care about, and develop the best platforms on which to share them, including news, movies, and TV programming delivered wherever and however our viewers, listeners, and readers want them.

Fortunately, our company has its share of huge successes, from Game of Thrones, Girls, The Sopranos, and Sex & the City, to Batman, Superman, Harry Potter, and Lord of the Rings. We know about blockbusters, what it takes to create them, and how wonderful it is to celebrate them.

We also know about box-office bombs, and have had our share of those as well. We made what I've called “the biggest mistake in corporate history” by merging with AOL, a move that almost destroyed our company. We've produced TV programs, feature films, magazines, and comic books that flopped—and I've personally green-lighted several of those during my career. Given the visibility of our business, those failures tend to become very public very quickly.

So I know a bit about the other F word, too—how failure happens, how it can test an organization's spirit, and, more importantly, how its lessons can be leveraged to drive innovation and future success. It may be the hardest resource to harness, but it is often the most valuable, precisely because it teaches you what you don't yet know and need to ...