Failing Fast and Smart
Article | Accountability Insights
According to serial entrepreneurs such as Dave McClure, founder of over 500 startups, success depends on learning how “to manufacture failure on a regular basis . . . that’s how you learn. Getting used to that, bouncing back from that, being able to figure out what people hate and turn that into what people love . . . if you’re not willing to take the risk of failing . . . you’re never going to figure out what the right path is to success.” That’s what McClure told Fast Company a few years ago, and that’s become the mantra for serial entrepreneurs everywhere. We call it “Failing Fast & Smart.”
Learning from both success and failure is an Own It best practice, but most people and organizations still struggle to get it right. First, they don’t spend enough time understanding and communicating their success. Second, they don’t see mistakes and failures as an integral part of taking the necessary risks, which is a Solve It best practice. Taking accountability for failure means recognizing that many of our most important lessons in life and work come from trial and error—and when we do take accountability for our failure, then Failing Fast and Smart becomes a distinctive competence. Jim Owens, former CEO of Caterpillar Inc., is often remembered for reminding leaders that their most important lessons come from their toughest losses. However, this is true only if we learn from them.
Based on our experience with thousands of companies building greater accountability for achieving results, here’s what taking accountability for failure looks like to us:
| • | See It: View the failure from every possible angle until you understand it. | |
| • | Own It: Embrace failure like Edison did when he said “I have just discovered another way that doesn’t work.” | |
| • | Solve It: Continue to ask “What else can I do?” and apply the lessons you’ve learned to help you achieve the results you want. | |
| • | Do It: Keep moving forward until you can make success happen. |
Business failure isn’t new, but people and organizations that are faster and smarter at taking accountability for learning from failure win big in the marketplace. IDEO founder David Kelley sees failure as a necessary ingredient for success. In fact, he encourages his people to become comfortable with bad ideas. Why? He firmly believes that people will always miss good ideas unless they have the freedom to pursue bad ideas.
To learn more about taking accountability for Failing Fast & Smart, we invite you to join the Accountability Community at www.partnersinleadership.com, where you can review actual client case studies.
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See It, Own It, Solve It, Do It, and Accountability Community are all registered trademarks of Partners In Leadership, Inc. All other registered trademarks and trademarks used herein are the property of their respective owners.