In the journey towards a successful venture, it is likely that one may face multiple unsuccessful attempts before discovering a winning combination that produces desired outcomes. Although these failed attempts are unavoidable, they are not necessarily negative. Instead, they can be seen as a valuable learning experience that helps individuals identify areas in their methods or procedures that may be lacking in meeting expectations (Starbuck and Hedberg, 2015).
Encouraging more efficient and effective methodologies towards achieving objectives and inspiring innovation among employers and employees fosters a culture of risk-taking. This culture reframes risk-taking as an opportunity for success rather than a path to failure. Most modern business firms lack an environment that encourages risk-taking and views failure as a pathway to success. However, in my own workplace, the opposite is true – we acknowledge that while being risk-averse may allow su
...rvival in a competitive arena, it is unlikely that risk-averse individuals thrive in the same arena.
The text highlights the role of risk-taking in allowing smaller start-ups to compete effectively with larger firms in saturated markets. Azim Premji, chairman of Wipro Technologies, emphasized that failure is a natural part of the innovation process and should not be dwelled upon. Taking calculated risks enables individuals, teams, and organizations to discover their capabilities, learn from mistakes, build confidence, and differentiate themselves from competitors through innovative solutions.
References
- Starbuck, W. H., & Hedberg, B. (2015). How organizations learn from success and failure. Available at SSRN 2708267.
- Wipro Chairman Says Failure Is Essential Part of Process.
(n.d.). Retrieved May 19, 2016, from https://youtu.be/pSQsm33uamM
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