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A noted Carnegie Mellon economist Allan Meltzer once said “Capitalism without failure is like religion without sin” and it can’t be conveyed much more eloquently than that. Businesses all over the world must adopt failure to be the guiding light. Failures are the stepping stones to success not because it sounds nice to say so or to write so but because failures provide insights. They teach you how not to do this. This is a reverse learning in a lot of ways, but it is learning nonetheless.
It will happen to you: Actually, there are three things that are imminent (I don’t like the fact that this list has been growing!) — death, taxes and failure. You can’t avoid these three things and they are inevitable. They will happen to you, sooner or later. You can reduce the effects these things will have on you or you could do your best to keep them away from you only for so long. So what do you when you can’t beat it? Join it. Accept it. Work your way around it for as long as you can.
Success is just a block away from failure: They say that success lies just beyond the things you fear. When you don’t fear and still do it, it then lies beyond failure (yes, success is elusive and it’s a hell of a moving target). Unless you get your hands dirty, fail and do it again until you succeed, you haven’t really done anything.
Let your Team Do Mistakes: One of the reasons why most managers take a bad rap and most businesses fail to innovate andd come up with better products or services is because the teams behind those products and services are all afraid to fail. They are afraid to fail because they will be punished, reprimanded or compromised because these mistakes. Big mistake. Once you let go and let your team do mistakes, they will overcome the learning curve; they will start delivering results.
Do you think businesses should use this as their strategy? Can failure guide a company towards success?
