It hurts to fail. The feeling of defeat can make even the hardest of workers feel worthless. It’s hard to face the reality that your work or dreams won’t live up to your expectations, and giving up might seem like the next step. However, failure teaches important lessons, and though it seems contradictory, it can often lead to success. Failure gives you the necessary experience you need to improve, but more importantly, it teaches you to get back up.
Retailers all over the United States are filing for bankruptcy at unprecedented levels. This is, in part, due to the ways the global economy has evolved. Now, more than ever, retailers are turning to the internet for sales, and consumer habits have adapted. Bankruptcy is an alarming and confusing process whether you’re a CEO of a large corporation or an individual who is worried about the implications it might have on your credit score.
Everyone seems to agree that innovation is a risky business: it involves a lot of experimentation, which often ends up in failure. High tolerance for failure therefore can be considered as a major prerequisite for any successful innovation program.
Many managers are very good at working out the cost of implementing an idea. But they often completely fail to calculate the cost of NOT implementing it. This may sometimes be far more expensive than implementing it, especially over the long term, warns Jeffrey Baumgartner.