I recognize that “fail” is a 4 letter word. However, the willingness to fail is important if you truly want to succeed! One of our favorite thought leaders, Derek Sivers, explains the importance of failing in his video, “Why You Need to Fail”
- If you’re not failing, you’re not learning
- Failure keeps you in a growth mindset, instead of a fixed mindset; and
- It reminds you to view everything as an experiment – there is no such thing as a failure, if everything is an experiment!
The Wall Street Journal published an article today entitled “Memo to Staff: Take More Risks: CEOs Urge Employees to Embrace Failure and Keep Trying.” The concern is that employees have become too cautious, and thus are not generating innovative ideas that will lead to new business.
The good news is that multiple CEOs cited in the Wall Street Journal article are realizing they need to set the tone for their organizations to reward experimentation and a growth mindset: from creating “Get out of jail, free” cards to openly encouraging employees to “fail fast” if they can, so they can move quickly from failing projects to new ideas that might be more successful.
Hopefully, as more executives openly share the failures that helped them grow, it will encourage their employees to take a chance and innovate, while also reducing the fear of failure!