Learning from your failures- How some of the best and brightest do it
There is no learning without failing, there are no successes without setbacks. A dozen failures could give rise to a blockbuster and this is what we should all be striving for.
The message from CEOs of Amazon/Netflix and other highly successful companies as of recent is to experiment more. I can’t tell you how many organizations that contain creativity or innovation in their mission/vision, yet the same organizations are deeply rooted in fear and trepidation of mistakes. Fear of failure is embedded in these organizations and therefore they cannot be in any position to learn. When the human capital within an organization lacks the ability to learn as the world changes, they never grow and evolve and nor does the overlying business that they support.
This is a lesson worth applying into business says Patrick Doyle, CEO of Domino’s Pizza. Mr. Doyle has had a stint of successful business runs, but as he insists, it is the result of the ability to fail, quickly learn and contain and share that knowledge amid the organization. In a presentation to Business Leaders of Michigan, he shared the following presentation:
Mr. Doyle describes two great challenges that stand in the way of companies and individuals being more honest about failure. The first challenge, he says, is what he calls “omission bias” — the reality that most people with a new idea choose not to pursue the idea because if they try something and it doesn’t work, the setback might damage their career. The second challenge is to overcome what he calls “loss aversion” — the tendency for people to play not to lose rather than play to win, because for most of us, “The pain of loss is double the pleasure of winning.”
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