Failing by Design

Whether you’re launching a new business, creating a new product, or developing a new technology, one of the best tools for learning is failure.  This isn’t to suggest that failure is a good thing.  Failure can waste money, destroy morale, infuriate customers, damage reputations, harm careers, and sometimes lead to tragedy.  Failure is inevitable in uncertain environments, and, if managed well, it can be a very useful thing.  In fact, organizations can’t take the risks necessary for innovation and growth if they’re not comfortable with the idea of failing. As Columbia Business Schoolprofessor Rita Gunther McGrath explains in “Failing by Design,” in the April 2011 Harvard Business Review, the smart alternative to ignoring failure is to foster “intelligent failure.”  If...

This content is for BUSINESS BRIEFINGS members only.
Login Join Now