Top 10 Lessons Learned from Failure (Part 1 of 2)

In order to succeed, you need to know how to fail

An article in the December-January 2013 issue of Worth magazine (a go-to resource for our company) caught our eye and we wanted to summarize for you.  The 10 lessons they capture were adapted from The Wisdom of Failure:  How to Learn the Tough Leadership Lessons Without Paying the Price from a seven year study of 1,000 managers and executives across 21 industries.  These are powerful tips that we wanted to share that can help you both in your career and in your personal life.

Disclaimer: no copyright infringement intended.

1.  Avoid the Seduction of Yes
The universal "yes" takes three forms: an inability to decline new opportunities, a refusal to admit failure, and attempting to be all things to all people.  All three destroy careers and companies by leading to the overcommitting of resources, cash and talent.

Take MySpace:  In a misguided attempt to get hip, News Corp. purchased the floundering company for $580 million in 2005, and spend years (and millions more) trying to reinvent the website to compete with Facebook.  It was a disastrous move: News Corp. sold MySpace in 2011 for $35 million.

The firm could have saved itself huge amounts of time and money if it had been able to admit defeat before six years had passed.

2.  Don't Think Outside the Box
It's practically the most tiresome cliche' in business--"think outside the box"--and it may also be the most misguided.  The number one cause of business derailment is thinking "outside the box"--and ending up in business where you don't belong.

Don't pursue new ideas for the sake of pursuing new ideas.  Rather, be very aware of the business you're in and the value proposition you and your company offer.  You can still think creatively within you own business environment.

3.  Effectiveness Matters More Than Efficiency
Ideally, you want to be both effective and efficient, but many leaders fall into the following traps:  being efficient at the expense of being effective, or being efficient at the wrong thing.  That's what killed Pets.com in 268 days.

Only when you know you're doing the right thing can you move on to doing things right.

4.  Don't be the Workplace Bully
This advice might seem obvious, but bullying at the office often occurs when money and egos are at stake.  Look at David Sokol, who, in March 2011, went form the heir apparent at Berkshire Hathaway to unemployed amidst revelation of some shady stock purchases.

After Sokol resigned, reports circulated of Sokol's brass-knuckled office style, including a monthly ranking of his aides in the order he would fire them and his suggestion that the company fire all employees in poor health or going through a divorce.

Take a lesson from Warren Buffett and cut out toxic employees.

5.  But Don't Be the Pleaser Boss Either
The pleaser boss wants everyone to work in harmony, and as a result, has an excessive fear of conflict. Of course, destructive conflict should be avoided--but leaders must be careful not to swing too far in the opposite direction lest they snuff out creativity and individual initiative.

Brenda McManigle of the Center for Creative Leadership stated, "Conflict can lead to better decision making, expose key issues, stimulate critical thinking and fuel innovation."

Take these five lessons into consideration when you are strategizing how you want to execute your personal goals and vision as a leader.

Que Fagan
Blogger in Chief
The Supa Group
www.thesupagroup.com