The Up Side of Down: Summary of the Key Ideas - Original Book by Megan McArdle: Why Failing Well Is the Key to Success

Most businesses and individuals have experienced setbacks in their lives; some have even encountered complete failure. Whether we are able to recover from it depends on our response. To become successful, we need to learn how to embrace failure, learn our lessons from it and use that knowledge to try again.

Who should read this book:
• Entrepreneurs who want to find out how to recover after their business failed.
• Job hunters looking for a way out of unemployment.
• Anyone interested in learning how to best handle mistakes and deal with setbacks in our lives.

In this summary:
Chapter 1: You need to fail first in order to succeed
Chapter 2: Learn how to fail well and take calculated risks
Chapter 3: Predictions are not always right, sometimes we need to test the market
Chapter 4: When several small mistakes accumulate, they can cause failure
Chapter 5: Negative experiences might turn out to be positive later on
Chapter 6: Admit your mistakes instead of trying to hide them
Chapter 7: Don’t give up and keep putting in efforts
Chapter 8: When things go wrong, we tend to look for someone to blame
Chapter 9: Consequences need to be visible immediately
Chapter 10: Avoid debt and don’t spend more than you can afford
Chapter 11: Final Summary