Jeff Fagnan at Accomplice, a venture firm in Boston, said this on Twitter yesterday.

“In Venture Capital, you build your track record on the companies that work. You build your reputation on the companies that don’t.”

I am not sure if the quote is Jeff’s or another venture capitalist but it is the truth.

I am in Fort Lauderdale for the ETF Summit today. Yesterday, Derek . Jeter was interviewed here on stage, and he talked about his hall of fame career. He was asked about his 3,000 hits and quickly reminded the interviewer that his 3,000 hits came with 7,000 outs.

We are all in the hits business, but for Derek and the great ones in every other field your reputation comes down to how you manage failure.