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Negotiation is a ubiquitous part of work-life. As such, negotiations do not occur in a vacuum, which means that we often find ourselves negotiating again and again, in a variety of situations, with varying degrees of success and failure. By taking every opportunity that presents itself, we can learn and develop our negotiation skills further as a result of our cumulative negotiation experiences – especially the more difficult ones. To date, the literature on negotiation and learning from failures has yet to be integrated. In pursuit of this goal, this chapter will firstly, identify the characteristics or specific aspects of a negotiation that could be a setback or failure, and secondly, integrate failures and setbacks into a systematic approach in which we can learn effectively from these setbacks, in which the author applies the literature on learning from failure to specific negotiation setbacks.