Project mistakes are forgivable only when the project manager responsible for the mistakes learns from the failure and uses the knowledge gained to better manage future projects. This article discusses the upside of project failure, of how failure can help inexperienced project managers acquire the knowledge, competencies, and wisdom they need to manage future project assignments of increasing complexity. In doing so, it overviews why failures occur and how project managers can control the damage that failures generate. It also identifies how project managers can extract from their failures the learning that each has to offer. It then outlines a three-step recovery process that project managers coming off failed projects can use to gain the trust and respect of their future project teams and future project stakeholders.