A Harvard Business School professor identifies the most common misconception regarding failure.

Some massive success stories began with failure.

Jeff Bezos, the second richest man in the world, had several unsuccessful attempts at establishing a platform for third-party sellers before founding Amazon. Gabby Douglas, an Olympic gold medalist in gymnastics, attributes her ability to overcome adversity to her mistakes on the floor.

"Success for me was failing," she said to CNBC Make It. "I fell seven times and made mistakes, but that allowed me to go back to the gym and identify areas that needed improvement."

The science of failing well, as explained by Amy Edmondson, a professor at Harvard Business School and author of "Right Kind of Wrong: The Science of Failing Well," shows that failure can actually lead to better future outcomes.

She explains that a common misconception about failing is that it is the same as making a mistake.

A mistake is when you deviate from a successful process, while a failure occurs even when you use your knowledge and resources correctly but still don't achieve your goal.

If you omit eggs while baking a cake, that's a mistake. However, if your new recipe doesn't taste as expected, it's a "productive failure" because it likely taught you something about enhancing your cake recipe for the next attempt.

"Edmondson suggests that we should view mistakes as opportunities for growth and success, rather than as failures to be avoided."

Edmondson states that when embarking on a new hobby or changing roles at work, it's likely that failure will occur. However, it's essential to remember that failure is acceptable as long as it results in learning something valuable. According to Edmondson, a productive failure meets four criteria.

4 pillars of productive failure

1. If you embark on a new project or venture without any prior knowledge or experience, it is considered new territory, and there will be setbacks, according to Edmondson.
2. Having a clear goal in mind can aid you in taking purposeful actions and monitoring your progress.
3. Research suggests that starting a new task without prior knowledge doesn't necessarily mean you have to begin without guidance. Look up resources to determine where someone at your skill level should begin.
4. Don't deplete your resources on a project you're still learning how to tackle. "For instance, suppose you have a new product," Edmonson remarks. "We're uncertain if it will succeed or if customers will appreciate it. Instead of declaring to the entire world, 'We have this new product' and launching it on a massive scale, take small steps towards your objective so you can make adjustments as necessary."

Reframing failure as a crucial aspect of the learning journey can motivate you instead of demotivate you.

Edmondson suggests that we should celebrate the new knowledge that unfortunately resulted from your incorrect hypothesis.

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