Thinking about Failure

Success and Failure are two sides of the same coin in business. A fine line separates the two. Failure too can be a great teacher – if we are preared to learn. Writes Michael K. Tanner of The Chasm Group:

To start your thinking about failure, Id like to suggest a process. There are at least nine operational activities that require alignment for any new successful business or product launch to occur. At each step below there are infinite modes of failure. But as you think through your own experiences, try and be specific and honest with yourself about not just what worked, but what didnt work. Here are the 9 activities:

1. Fact-finding taking the time and effort to base planning on real data
2. Insight applying out-of-the-box thinking to understand what the facts are telling us
3. Strategy defining the high level filter that business decisions will be made to
4. Organization making sure the structure is suitable to the strategy (and visa-versa)
5. Resource identifying and assembling both the right quantity and quality
6. Alignment creating deep understanding in the organization about expectations, a uniform culture and norms
7. Accountability putting roles and responsibilities in place and identifying owners
8. Measurement specific, measure-able, realistic and time-bound goals
9. Management putting systems and processes in place and providing oversight

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.