Over the last decades, innovation and creativity have become critical skills for achieving success. A 2015 Boston Consulting Group survey indicated that a key obstacle to business innovation and growth is fear of failure.
On one hand, senior executives are aware that mistakes are an inevitable consequence of trying something new and should be seen as valuable. On the other hand, the obligation of managers forces them to keep everything in control. As a result, if people feel they might fail, they do everything possible to avoid it.
A solution to this problem might be to extract as much as possible value from failures, improving your 'Return On Failure', boosting benefits while at the same time controlling costs. The equation to calculate your Return on Failure (ROF) ratio is shown as below:
Obviously, one way to raise the ROF is by keeping the denominator, which is your investment low. The other way is to increase the numerator - the "assets" that you gain from mistakes, su (...) Read more? Sign up for free