Record Details

On the Quality of Failure

International Journal of Business and Social Research

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Field Value
 
ISSN 2164-2559
2164-2540
 
Authentication Code dc
 
Title Statement On the Quality of Failure
 
Personal Name Vedin, Bengt-Arne
Royal Institute of Technology/Institut Métamatique
 
Uncontrolled Index Term Array
 
Summary, etc. No innovation without failed experiments. No acquisition of competency without hard work, efforts to translate mistakes and insufficient – failed – attempts into mastery. The human condition is one defined by trial and error. Success equates with narrow escape from failure, whereas failure may be a success just missed. The purpose of management can be said to achieve success, so the management of failure is a key one, seeking to turn failure into profit. Almost no successful solutions remain eternally, so signals indicating that they have arrived in their twilight zone are important. Success may be too comforting and lulling, creating a dangerous success lock-in. Courting failure by acting against conventional wisdom and routine intuitions may, though risky, generate huge payoffs. A productive failure management should appreciate that failure is a way to uncertainty reduction, to better information and knowledge, new wisdom and new intuitions. Failure can and should be celebrated and harvested. The most successful mineral prospectors are those who drill more holes; while their percentage of dry ones is average, their number of lucky ones makes for success. The same holds for ideas, where there is the additional benefit that a larger number of ideas, diverse as they are, makes for improved idea handling proficiency.
 
Publication, Distribution, Etc. LAR Center Press
 
Electronic Location and Access application/pdf
https://thejournalofbusiness.org/index.php/site/article/view/517
 
Data Source Entry International Journal of Business and Social Research; Vol 4, No 5 (2014): May
 
Language Note eng
 
Terms Governing Use and Reproduction Note Copyright (c)