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October 16, 2019 Wednesday 12:30:07 PM IST

Failures Do Not Often Lead to Valuable Learning

Photo by Gerd Altman for Pixabay.com

It is often said that failures are stepping stones to success as you learn more from failures. However, in the case of corporates, it doesn't make sense to make failures as it leads to projects that create little if any actual value for the company, according to Jeanne Ross and Nils Fonstad, research scientists at the MIT Center for Information Systems Research. 
Instead of failing fast, companies should “learn fast” by designing initiatives to ensure learning, instead of hoping that failure leads to insight, Ross and Fonstad write. This type of thinking requires a cultural shift from organizational hierarchy to small, cross-functioning teams, and employees should be encouraged to test hypotheses by asking probing questions and admitting what they don’t know. “The challenge is to be much more purposeful about what you’re doing,” Fonstad said. 
Source: MIT Management/ https://mitsloan.mit.edu



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