Driving Growth by Learning From Failure
“Fail Fast. Fail Often” is a business concept that many apply—or attempt to—in order to drive growth for their organization.
However, this mindset and approach isn’t always fully realized in a way that builds the right forward momentum. The goal of this process is not simply to fail, but to learn from that failure.
As Forbes stated in a 2018 article, the purpose is to be iterative. Failure should not be feared, but the next, all-important step is to examine the failures, update processes, and try again.
Before this iteration can occur, industry leaders—and employees themselves—need to create an environment where it is safe to fail. And this often requires some self-evaluation and a mental shift.
Creating a Safe Environment to Fail
Failure is scary, both professionally and personally. But according to Rick Lindquist, founder of LegUp Ventures, when you are scared you are focused on survival instead of mindful learning.
Setting up an environment where it is safe to fail means that you can handle that fear of failure differently. Allowing yourself this mental space means that you can practice intentional reflection so that you can truly see those valuable insights and lessons learned. Without this process, it is difficult, if not impossible, to learn from failure.
Learning From Failure to Create Rapid Growth
Rick says that learning from failure is a core tenet to operating a successful business, as well as growing personally. The “Fail Fast. Fail Often” concept means taking action based on what you know, then testing, learning, and iterating.
It is all part of the problem-solving process in a constantly evolving business world. There is a saying that “what got you here won’t get you there” and this is particularly pertinent in a rapidly changing business landscape. Without testing (and failure), there would be no learning. And it is those lessons learned that will help you and your business, pivot, adjust, and move forward.
Tips to Create an Environment where it is Safe to Fail
Rick outlined the following steps to create that personal and professional environment needed to encourage learning from failure.
As an Individual
Work on building trust in your interpersonal relationships. Both at work and at home. You can then learn from, and learn with, those close to you.
Create financial security. This is situational but unfortunately is required before you can feel safe to fail.
Take time for self-reflection. Practice intentional self-reflection weekly to really examine your strategies, actions, and results.
As a Business
Create a culture of trust as an organization. It’s the number one inhibitor in failure. Employees should feel like they are valued enough to make choices - and not fear repercussions if these decisions do not bring immediate success.
Create your failure plan. Establish operational and financial strategies at a foundational level to weather business downturns so it enables you to minimize risk and maximize opportunities.
Listen to Rick’s episode here: https://www.strategicmomentum.co/episodes/66
Thoughts? Join the conversation in the comments below!