Tips for Learning from Business Strategy Failures

Embracing Failure: Lessons Learned from a Recent Experience LinkedIn is often a platform where we highlight our successes, but I believe it's equally important to share our failures and learning experiences. Allow me to take you through a recent setback and the valuable lessons it offered. Last November, our team received an invitation to respond to an RFI alongside 10 other global negotiation training companies. This opportunity came from one of the largest corporations in their industry headquartered in Europe. They sought a comprehensive global training program for 400 procurement professionals, a task well within our expertise. The RFI was extensive, leading us to submit a detailed 38-page proposal. We learned that we were shortlisted as one of the three potential suppliers. The client proposed an innovative agile procurement process, including a live workshop at their HQ. However, challenges arose from the outset. Negotiating cost compensation for our team's travel proved difficult, and scheduling the event became nearly impossible. Ultimately, the workshop shifted to a virtual format on an unfamiliar platform. Despite meticulous preparation, the workshop itself felt more like an interrogation than a collaborative session. Feedback was unexpected and critical, leaving us feeling disheartened and perplexed. During the workshop, frustration mounted within our team as we grappled with unexpected challenges and criticism. At one point, a colleague couldn't contain their exasperation and exclaimed, "If only you had spent all this time and preparation running a pilot workshop with each supplier, all of us would have saved so much time." This outburst encapsulated the frustration we felt at that moment. It underscored the hindsight realization that investing time in pilot workshops could have provided invaluable insights early on, potentially streamlining the process and avoiding the pitfalls we encountered. Following the workshop, we were informed that the client had decided to proceed without us. Their reasons? They perceived our approach as overly academic and doubted our ability to scale the workshop effectively. While disappointing, this experience provided some valuable insights: 1. Value Your Time: Don't invest significant hours in RFIs and engagements without ensuring appropriate compensation. 2. Know Your Medium: Creative workshops may not translate effectively to online formats; consider the limitations of virtual environments. 3. Clarify Expectations: Ensure clients have a clear understanding of their objectives and are prepared for the engagement. 4. As an advisor i often sit on the other side of the table and always recommend the buyer offer the supplier compensation for more time consuming proposals. Sharing this experience isn't merely about airing frustration; it's about embracing the opportunity to learn and grow. By reflecting on setbacks, we can refine our approach and ultimately achieve greater success.

Ever lost a deal that felt like a sure win? Ever watched a dream project slip through your fingers? Good. You're human. Here's the deal. Losing isn't just inevitable, it's essential. It’s the secret ingredient in the recipe for success. It's not about the loss itself, it's about how you handle it. First, ditch the blame game. Pointing fingers is easy, but owning your loss? That’s what sets you apart. The best leaders take full responsibility, learn from their missteps, and emerge stronger. Next, embrace humility. Losing with grace means acknowledging that you don’t have all the answers. It’s a chance to learn, grow, and ultimately, to inspire those around you. Humility opens doors. It builds trust. It shows your team and your clients that you’re not just in it for the wins, but for the journey. Pro Tip - be unapologetically transparent about your losses. Share them with your team. Discuss what went wrong, and more importantly, what you’re going to do about it. This kind of honesty is rare and powerful. It turns losses into invaluable lessons and opportunities for growth. (I’ll have to make another post about how I told my team I was arrested and thrown into solitary confinement.) Remember, every loss is a stepping stone. It's unreasonable to think you can win every time. But it’s entirely reasonable to use each loss as a springboard for your next big win. The world is unpredictable. Deals will fall through. Code will break. But how you handle these setbacks? That defines your path to success. So, next time you lose, do it with grace. Own it. Learn from it. And come back stronger. Because losing isn't the opposite of winning - it's part of the journey there. Stay audacious. Overdeliver even when things go south. And keep pushing forward. #Leadership #GrowthMindset #Resilience #Humility #LearningFromLosses #BusinessStrategy #UnapologeticLeadership

Even the most well-planned campaign can fail. Failing stings, but how you respond as a leader is what defines you.  Here's how to fail fast, then bounce back stronger: 1. Own it, don't hide it: Transparency builds trust. Acknowledge the issue, explain what went wrong, and outline the fix. 2. Check Emotions: Separate out the feelings. Vent if needed. Give teams space to process without fearing blowback. 3. Review and learn from the flop: Do a post-game analysis on what went wrong factually. Don't let that mistake haunt future campaigns.  3. Pivot, don't panic: Sometimes, course correction is key. Adapt your strategy based on learnings and keep moving forward. Setbacks show we take risks and push limits, rather than play it safe.  Own when things go sideways. Learn from the wreckage. Then keep charging ahead wiser.  That's how real leaders mine failures to level up.

𝐇𝐚𝐫𝐯𝐚𝐫𝐝 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐨𝐫: "We're thinking about failure the wrong way." ——— In 2012, Harvard professor Amy Edmundson published an HBR article called 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐟𝐨𝐫 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐅𝐚𝐢𝐥𝐮𝐫𝐞. Her article challenged companies to expand their view of failure. To understand which failures should be discouraged and which should be embraced. She mapped failure into the categories on this graphic. Red = Blameworthy Green = Praiseworthy Let's take a closer look. ——— At the top of the list, we see common failure categories. These actions reflect a lack of will, focus, or skill. 1️⃣ Deviance 2️⃣ Inattention 3️⃣ Lack of Ability According to Edmundson, "Most failures in this category can indeed be considered 'bad.'" ——— Further down the list, we get to systems and complexity. Processes breaking down and tasks that don't pan out 100% of the time. 4️⃣ Process Inadequacy 5️⃣ Task Challenge 6️⃣ Process Complexity These require a deeper look. "To consider them bad is not just a misunderstanding of how complex systems work; it is counterproductive." Instead, Edmundson encourages leaders to rapidly identify and correct system failures. ——— But the last group is the most interesting. In this group, failure is a reflection of the unknown. 7️⃣ Uncertainty 8️⃣ Hypothesis Testing 9️⃣ Exploratory Testing Edmundson calls them: "𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐟𝐚𝐢𝐥𝐮𝐫𝐞𝐬 𝐚𝐭 𝐭𝐡𝐞 𝐟𝐫𝐨𝐧𝐭𝐢𝐞𝐫." Failing at the frontier can be an effective strategy for rapid testing and experimentation. It helps organizations identify opportunities through the power of failure. ——— Here's the key career question: 👉 When you think about failure, are you lumping it all together? - Deviance alongside Uncertainty - Inattention alongside Hypothesis Testing - Lack of Skill alongside Exploratory Testing These types of failure are 𝐩𝐨𝐥𝐚𝐫 𝐨𝐩𝐩𝐨𝐬𝐢𝐭𝐞𝐬. When we group them, we end up in one of two categories: (1) We avoid failure at all cost.  (2) We beat ourselves up over every failure. Neither approach is productive. ——— Instead, here's the trick. The next time you face up to failure, look at this list. Place your failure into one of these categories. Then consider it. - Was my failure blameworthy? - Is my process broken? - Am I making intelligent failures at the frontier? The answer will give you a better picture of the failure. It'll help you move forward, either to patch up your mistakes or keep pushing into unknown territory. Remember:  Not all failure is created equal. ——— ♻️ 𝐑𝐞𝐩𝐨𝐬𝐭 to share this with your network. 🧠 𝐉𝐨𝐢𝐧 the Develop Daily newsletter for weekly playbooks on learning, career development, and productivity.

𝐈𝐭’𝐬 𝐎𝐊 𝐭𝐨 𝐅𝐚𝐢𝐥, 𝐛𝐮𝐭 𝐘𝐨𝐮 𝐇𝐚𝐯𝐞 𝐭𝐨 𝐃𝐨 𝐈𝐭 𝐑𝐢𝐠𝐡𝐭 Failure is not the end; it's an opportunity for growth. In any industry, it's essential to embrace the fact that failure is a natural part of the journey towards success. However, it's equally important to approach failure in the right way. Here are a few tips to help you navigate failure effectively: 1. Embrace a growth mindset: View failures as learning opportunities. Analyze what went wrong, identify areas for improvement, and use those insights to bounce back stronger. 2. Take ownership and responsibility: Accept responsibility for your failures instead of blaming external factors. This mentality empowers you to learn from your mistakes and make necessary adjustments. 3. Adapt and iterate: Failure often reveals weaknesses or gaps in your approach. Use this newfound knowledge to pivot, iterate, or refine your strategies. Embrace the opportunity to course-correct and come back stronger. 4. Seek feedback and learn from others: Don't be afraid to ask for feedback from mentors, experts, or peers. Their insights can provide valuable perspectives that help you avoid similar pitfalls in the future. 5. Persevere and stay resilient: Failure can be discouraging, but it's crucial to stay resilient and keep moving forward. Remember that many successful individuals and companies have faced failures before achieving greatness. So, remember, it's okay to fail. Just make sure you approach failure with the right mindset, learn from it, and use it as a stepping stone towards future success. Keep pushing, and you'll achieve your goals! #leadershipdevelopment #successmindset #reslience