How to Manage the Loss of Your First Million (Harvard Business Review, 21 March 2011)

Harvard Business Review Blog

The most recent issue of Harvard Business Review on the management of failure reminds me of some important business lessons I learned long ago from one of my older brothers. A successful furniture designer and craftsman, he lost his entire business in a fire: then slowly rebuilt an even stronger one. Some of those same lessons surfaced again as I shared my own stories of failure and success on a recent long haul flight with a fellow entrepreneur. That conversation memorably began with my counterpart tossing back a scotch and soda then saying to me, “I remember when I lost my first million…”

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About the Author Maurice Ewing, PhD

I help companies develop, implement, utilize and oversee analytical tools that help managers make risky decisions (i.e., risk-based decision analytics). For example, I have helped companies score and rate their customers, suppliers, borrowers and even their own employees' performance. Prior to founding RiskKnowledge (previously, "Conquer Risk/EMRA"), I taught Executive MBAs for several years at Kellogg-HKUST and prior to this worked on Wall Street. I am also an adjunct Professor of Executive Education at CIIM, a Harvard Business Review blogger and a contributor to FinanceAsia, Risk Professional and The Wall Street Journal. My PhD and MA are in economics from Princeton and my double-BA is in economics and mathematics from Northwestern. I am also a chartered FRM holder from the Global Association of Risk Professionals.

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