101: FAILING WITH FINESSE
Ready, set, fail! As business leaders, we don't say this much. With risk, comes failure and, with failure, comes growth. Though we prefer to avoid failure — and the topic itself, perhaps — it can serve as a powerful tool to advance our business when approached with a mindset of success. Here are three ways falling on your face can actually hold benefits below the surface.
Past failures boost your credibility. Business executives who never fail aren't relatable to other leaders or employees. It's like they are from an alien planet. This can be a barrier to effective communication and engagement. “Embracing and sharing your stories of failure makes you more vulnerable,” writes Yoon Cannon at ParamountBusinessCoach.com. “It shows that you're willing to keep trying, even when the going gets tough … It's these traits that are most highly valued.”
Failure helps you face your fear. Becoming paralyzed by what could go wrong can stifle creativity, affect risk-taking and hinder innovation. Michael Lindenmayer at Forbes.com writes about getting failure out of way, as you would any other obstacle. “Yes, everything can go wrong, and you can hit rock bottom,” he writes. “You will survive. OK, now that that is over, you can move on and take action.”
Do an ROF analysis: Return On Failure. Failure represents opportunity to learn and challenge our default beliefs. Insights are the assets, according to an article by Julian Birkinshaw and Martine Haas at HBR.org, who have developed a worksheet to help companies review lessons and liabilities from failures. “We recommend spelling out what the project has taught you about each of these things: customers and market dynamics; your organization's strategy, culture and processes; yourself and your team; and future trends,” they write. Though management is often so much about looking ahead, this is a situation where looking back is greatly beneficial.
WBJ Web Partners
Most Recent
Most Recent
0 Comments