IL23: Learning to Fail Well ft. Amy Edmondson
Top Traders Unplugged
Cultivating Intelligent Failure
This chapter explores the importance of cultivating intelligent failure, running controlled experiments, and learning from failures in both low and high-stakes situations to foster honesty, learning, and experimentation.
In this episode we talk to Amy Edmondson, Harvard Business School professor and author of the Financial Times 2023 Business Book of the Year: The Right Kind of Wrong, The Science of Failing Well. Edmondson argues we should cultivate an appetite for “intelligent failure” - events that may be painful but ultimately lead to innovation, personal growth and better relationships. This is difficult because we are hardwired to push failure “underground”, a bias that is often made worse by work cultures that punish failure in the name of accountability. Edmondson explains how we can overcome these obstacles using stories from her own life and findings from her career as a scientific researcher.
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Episode TimeStamps:
02:22 - Introduction to Amy Edmondson
10:27 - The importance of psychological safety
15:04 - The different types of failure
18:25 - Why do we fear to fail?
22:54 - The idea of reframing
25:04 - Practicing reframing
27:06 - Has the way students work changed?
30:25 - The dark side of the performance mindset
32:40 - Integrating feedback the right way
36:16 - The Stop. Challenge. Choose Method
41:02 - The key aspect of failing well
44:48 - How can we cultivate intelligent failure?
50:35 - Conceptualizing excellence in a new way
53:33 - Encouraging openness while maintaining intellectual property
56:33 - A philosophical perspective
01:00:36 - Key takeaways from Niels
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