Learning from Failure

Business Week writes:

Intelligent failures — those that happen early and inexpensively and that contribute new insights about your customers — should be more than just tolerable. They should be encouraged. “Figuring out how to master this process of failing fast and failing cheap and fumbling toward success is probably the most important thing companies have to get good at,” says Scott Anthony, the managing director at consulting firm Innosight.

“Getting good” at failure, however, doesn’t mean creating anarchy out of organization. It means leaders — not just on a podium at the annual meeting, but in the trenches, every day — who create an environment safe for taking risks and who share stories of their own mistakes. It means bringing in outsiders unattached to a project’s past. It means carving out time to reflect on failure, not just success.

Perhaps most important, it means designing ways to measure performance that balance accountability with the freedom to make mistakes.

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.