Everybody would agree on the highly valuable lessons learned from failure and that ultimately, success depends on the resilience of the persons who go through repeated failures. Isn't "Success the ability to go from one failure to another with no loss of enthusiasm?"(Churchill)
However, acknowledging this point of view differs significantly from applying this wisdom to the day to day activities of the business world, even when after-the-fact explanations are required during potentially emotional debriefing sessions.
Let's review (or guess) the managers' behaviour when confronting failures, during debriefing sessions. Executives would conduct an in-depth analysis of the situation and a study would be made as to what mistakes were made that should not be re-enacted. The findings would permeate the organization, spreading a negative stigma of failure.
Bill Gross, the founder and CEO of incubator Idealab, explains at LeWeb11 that failure is not always bad. Sometime, it is good if you can recover from it…..According to Bill Gross, taking intelligent risks – even if these risks become failures – will help you to adjust your strategy for your next venture. The point is that: “Success is a lousy teacher because it makes smart people think they can’t do anything wrong” (Bill Gates). You can learn from mistakes, as previously mentioned, but there are best practices in performing failures. According to Bill Gross, taking intelligent risks that won’t work out but will help you to adjust your moves for your next ventures.
During the process of building e-solar through a well-reasoned and empirically proven process – the very successful Idealab's solar thermal company – Bill Gross and his team went through a variety of technology driven attempts that failed.
What would be the some ideas that entrepreneurs should go home with after Bill Gross' presentation:
#1 Market power rules. Try to find a rapidly growing market is like running a race with a strong wind at your back.
#2 Master the demo. Learning how to sell, to explain, to demonstrate is one of the most valuable entrepreneur skills.
#3 Pursue your passion. Work at something you love, every business will face huge challenges that you will only overcome through passion.
#4 Focus, focus, focus. Focus is almost better even if you pick the wrong focus…
#5 Recognize your strengths. Design a structure around them, and balance that they are hiring complementary skills.
#6 Don’t overbuild Indeed, you have to survive until the market is ready…
Bill Gross has many more insights…He also believes in providing a stake in the company to everyone, in having integrity with all the stakeholders in the entrepreneurship path, in testing over and over your products or services and in sticking for it!
*I was invited to attend LeWeb11 by Orange Group to join their Social Media Team