If you watched the Wimbledon match between Roger Federer and Andy Roddick on July 5th you saw an example of two people, both working unbelievably hard in a focused and determined way. They played for 4 hours and 18 minutes—at full speed. They were neck and neck—they kept competing. Eventually, Andy Roddick missed a shot and Roger Federer won. Mr. Roddick looked like he was crying while holding himself together and speaking graciously to the crowds.

This is a perfect example of how doing everything right can still not work in a given situation. Something we hate to think about, but something that does happen—to the best, the brightest, the hardest working and most prepared. Andy Roddick had hired a new coach—the gold standard of performance excellence. He took his coach’s advice, lost weight, developed a spot on strategy and worked consistently and with extreme discipline and precision.

But when he got to the finals—a triumph in itself, he failed to win the championship trophy.Now, one approach to this performance situation would to deny he lost—no, he is still a champion, it was really a tie if such a thing existed in tennis, he should have won and any other statement makes it appear that winning is not the only thing—and of course it isn’t and of course he will win other tournaments, and of course he didn’t’ waste his time working so hard. But, no matter what you say, he lost this match. This is life, this is work, and this is reality. But, from my perspective as one concerned with performance and learning—he achieved a day of great not just good work. First, although he lost, others won through his graciousness. He handled his defeat with dignity, he joked with others making these others who were feeling terrible for him feel better. He acted humble, he acted confident that he did his best, and he walked off the court with the respect of everyone in the arena.

Not winning the first prize is a common situation in business—at dozens of levels and in dozens of ways. Fighting and working for a number one slot is a good thing—but not winning it is OK if the results bring renewed strength, and renewed commitment or perhaps a new or different goal. Sometimes not winning or achieving something brings the “contest” into focus—and it is not unusual to find that a gold coin we were reaching for is not really the point. Or, it may be.

Sometimes the best of work doesn’t achieve what you want it to. It is at this moment in time we need to mourn—briefly but fully. To acknowledge a goal we wanted and tried to meet and failed to. To “mourn” in business is to own and be accountable for “failure” no matter how upsetting or disappointing. Andy Roddick accepted his defeat—and admitted he really wanted it—he took full accountability and held his head high. This is truly an excellent example of good work—taking accountability for something fully and firmly and moving on with grace.

Good work is on-going—how do you know when to give up? You will know if you use these opportunities to examine your next step and set your new goal. If it’s all about protecting your ego, it likely will not be as honest an answer to this question. If you honestly accept your failure—however big or small, you will likely know in your soul if it time to change goals or recommit to the same one. It is in taking accountability personally and fully—and, in handling loss in a way that supports and builds up others that we both experience good work and have an opportunity to move forward to doing even more.