Motley Fool Money Harvard Business Prof on Failing Well
Feb 18, 2024
Discover the intriguing concept of 'failure parties' as Eli Lilly embraces setbacks with a twist. Explore the complex failures at Boeing and the importance of learning from mistakes to foster innovation. Delve into the critical role of psychological safety in the workplace, encouraging open dialogue about errors. The discussion advocates for a shift from a blame culture to constructive feedback, emphasizing that failures are opportunities for growth rather than reasons to abandon projects. Ultimately, it’s about addressing systemic issues and making informed decisions.
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Building a Truth-Telling Organization
- Create organizations where people are honest, agile, and straightforward.
- Encourage truth-telling, even with doubt and uncertainty, to catch issues early.
Eli Lilly's Failure Parties
- Eli Lilly hosts "failure parties" to learn from small failures.
- This encourages teams to become comfortable with failure and share knowledge.
Defining Intelligent Failures
- Intelligent failures occur in new territory when pursuing a goal and doing homework beforehand.
- Keep failures small, learn from them, and avoid repeating basic failures.
