Everyone abhors failure, and rightfully so. No one wants to fail. Students want to succeed at their schoolwork, employees want to succeed in their jobs, and athletes want to succeed on the playing field.
Business people are the same.
The inability to succeed means the loss of jobs, paychecks, and often, happiness. Yet economists recognize failure as essential to economic progress. Those unfamiliar with economics look with shock and disbelief at those individuals who profess that efforts to guarantee success and prevent bankruptcy undermine economic growth and exacerbate economic problems. People tend to see only the short-run, immediate pain associated with failure and not the indispensable function of the failures allowed by economic freedom. Policymakers who try to ensure economic success through legislation seem not to understand that an economy without failure cannot progress.