For many companies, the key to success lies in making mistakes. Although it seems a strange approach, large corporations are already profiting from this practice …
In today’s business world, the perception of error is largely linked to the philosophy of the company. While some regard it as an unacceptable failure, others think it is a step towards success and motivate their employees to make more mistakes.
The differential factor
Various experts have warned that error and failure are not synonymous. Treating them as such can greatly affect the performance and growth of the company. Therefore, also its capacity for innovation.
The main difference is learning. While one learns from mistakes, in failure the company or the people simply limit themselves to failure , and not to take experience as an opportunity for improvement.
Using both terms synonymously can make people fear exploring unfamiliar areas or taking risks. Which greatly limits innovation.
Several of the large corporations have revealed that to some extent they encourage their employees to make mistakes. At Coca Cola, for example, error was something that was avoided at all costs. But the arrival of James Quincey – CEO – in 2017, posed a major paradigm shift. Quicey has stated in interviews that if mistakes are not made, it is because they are not making enough efforts.
Something similar happened on Netflix. On one occasion, Reed Hastings, CEO, explained that his series were being too successful and the cancellation rate was too low. That just meant they weren’t taking enough risks, something that needed to change.
Amazon is another example of this philosophy. Jeff Bezos has stated on several occasions that behind each of his successes are hundreds of mistakes.
All this shows that today, perseverance is the key to success. Especially in times where innovation is so important.