What is the other side of failure?

Many of us would not try a new strategy or develop a prototype product because of fear of failure. This fear of the unknown, or fear of a risky venture is sometimes healthy and expected. It is because without this fear, we would not be cautious if we ever plan to go ahead with this venture.

However, there are two problems. First, some of us would be too cautious and would not try a new strategy or a prototype product in the market at all. What is the use of innovation if it fails, and eventually it would mean your disgrace to colleagues and to the company? This thinking will lead us to maintain silence about new ideas and just follow the status quo. This might be okay to keep your job, but not always good for the company that you work for.

The second problem is, some of us would try a new strategy or a prototype product and eventually fail due to internal (within control) or external (out of control) environmental factors. Momentarily, you would be tempted to think: “oh, I better should not have taken that risk. Now you see, I look like a fool to everybody”. If you and your organization persist on this thinking, you (and the organization) are staying on the same side of the stinky coin.

Fortunately, there is a smarter way to think. Smart executives and companies think this way. They would think that, the risk was worth taking, because “failure” means finding and “learning” ways that would work otherwise. If you tried a feature in a product that did not work, now you know what would work. If failure can switch your thinking from this stinky side of “failure” to the other golden side of “learning”, you have just found your way up to the corporate ladder. Are you now smart enough to turn that switch on?

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About 1mmarketing

Working as Associate Professor, School of Business, United International University, Bangladesh; a North-American graduate, with doctoral studies from UUM, Malaysia; cherishing a wide-view of the world, with multiple interests in culture, people, traveling, and specifically marketing science. I have a colorful and diversified background with a blend of corporate experience, research, consulting, training, public speaking and teaching. I love to write about marketing issues that affect our lives, and talk about its direction that would promote the greatest human welfare.
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