The document discusses business failure and learning from failure. It defines different types of business failures and notes that about 50% of new businesses fail within 4 years. While failure has costs like financial and reputation losses, it can also provide benefits like learning and motivation if entrepreneurs learn from their mistakes. The document examines strategies for learning from failure like reflecting on what went wrong and developing resilience. It also discusses how to build an organizational culture that embraces intelligent risk-taking and learning from failures without blame.
Following this presentation you will:
- Distinguish between private and public sector organisations.
- Distinguish between different types of profit-based organisation.
- Evaluate the most appropriate form of ownership for a firm.
- Compare and contrast the objectives of non-profit and non-governmental organisations.
This presentation is my work to present as the Social Awareness Project for the year 2013. The topic is Effective Adjustment in a New Environment.
It explains how one can effectively adjust in a new environment, especially when one enters a college.
Following this presentation you will:
- Distinguish between private and public sector organisations.
- Distinguish between different types of profit-based organisation.
- Evaluate the most appropriate form of ownership for a firm.
- Compare and contrast the objectives of non-profit and non-governmental organisations.
This presentation is my work to present as the Social Awareness Project for the year 2013. The topic is Effective Adjustment in a New Environment.
It explains how one can effectively adjust in a new environment, especially when one enters a college.
Entrepreneur
includes
Definition of Entrepreneur
Internal & External Factors
Functions
Entrepreneurial Motivation & Barriers
Classification
Theories
Concept
Development of Entrepreneurship
Culture
Stages in entrepreneurial process
Entrepreneurship development - Business PlanSOMASUNDARAM T
Meaning; Importance; Preparation of business plan; Common pitfalls; Typical BP format; Financial aspects, marketing aspects, human resource aspects, technical aspects and social aspects of the BP.
Decision making is important for entrepreneurs or anyone alike. Procrastination often leads to bad decision making and requires more time to rectify when it happens. Here are some tips to help you take control of your decisions for your business.
BUSINESS OPPORTUNITY
WHAT IS OPPORTUNITY ?
TYPES OF SITUATIONAL FACTORS
EMERGENCE OF OPPORTUNITY
OPPORTUNITY IDENTIFICATION
OBSERVING CHANGES IN THE ENVIRONMENT
RECOGNIZE PROBLEM AND FIND SOLUTION
BUSINESS OPPORTUNITY AND SELECTION
THINKING MODES
Given the complexity of the challenges we face as leaders today, it is impossible to have all the answers. When we innovate and consider new possibilities, it is inevitable that we will fail from time to time. In this session, we will explore our willingness to deal with and learn from failure. We will consider new tools and skills to help us deal with missteps more productively – so that when we fail, we fail forward.
Excerpted from The Emerging Healthcare Leader A Field Guide, .docxcravennichole326
Excerpted from The Emerging Healthcare Leader: A Field Guide,
by Laurie Baedke and Natalie Lamberton (Health Administration Press, 2015).
127
C H A P T E R 8
Bounce Back from Failure
“Mistakes are the usual bridge between
inexperience and wisdom.”
—Phyllis Theroux, Essayist
Reading Points
• Managing Failure
• Taking and Handling Criticism
• Persevering Through the Nos
• Trying New Things
• Forgetting
• Michael Jordan was cut from his high school basketball
team.
• Walt Disney was fired from a newspaper for “lacking
imagination” and “having no original ideas.”
• Steve Jobs was unceremoniously removed from the
company he started.
Copying and distributing this content is prohibited without written permission. For permission,
please contact Copyright Clearance Center at [email protected] or visit www.copyright.com.
The Emerging Healthcare Leader128
• Oprah Winfrey was demoted from her job as a news
anchor because she “wasn’t fit for television.”
• The Beatles were rejected by a recording studio, which
said, “We don’t like their sound, they have no future in
show business.”
This list coul d go on and on, but our point is this: Fail-
ures happen to everyone, even to very talented, famous people. As
we’ve said, failures are a matter of when, never a matter of if. All
we can do is hope for the best, but plan for the worst.
Don’t define your career in this constantly changing, high-
stress, high-stakes healthcare industry by the number of times
you failed or made a mistake. Doing so is unfair, and it dimin-
ishes the countless things you’ve accomplished, contributed, and
improved. Instead, see failure for what it is—an inevitable and
scary occurrence that you can bounce back and learn from and
you can prevent. How you overcome or rebound from adversity is
what should define your career, because that’s tough work that not
only requires but also shows your strength of character—whether
you’re tenacious, resilient, committed, disciplined, progress ori-
ented, and so on.
Many of us were schooled to believe that failure is bad. But
that’s only true if you let it stop you from trying again. In fact,
failure is good because it provides learning and growth opportu-
nities. It also promotes taking risks by applying new approaches
to old or existing processes. The corporate giant 3M, for example,
has a company-wide philosophy that encourages employees to
fail—and do so regularly (Kalb 2013). If employees aren’t fail-
ing 95 percent of the time, the company reasons, then they likely
aren’t trying anything fresh and current. Although we elevate our
chances of falling flat on our faces if the new techniques don’t
work, the fact that we ventured out to test new waters is valu-
able. It expands not only our skills but also our professional and
personal horizons.
Copying and distributing this content is prohibited without written permission. For permission,
please contact Copyright Clearance Center at [emai.
Entrepreneur
includes
Definition of Entrepreneur
Internal & External Factors
Functions
Entrepreneurial Motivation & Barriers
Classification
Theories
Concept
Development of Entrepreneurship
Culture
Stages in entrepreneurial process
Entrepreneurship development - Business PlanSOMASUNDARAM T
Meaning; Importance; Preparation of business plan; Common pitfalls; Typical BP format; Financial aspects, marketing aspects, human resource aspects, technical aspects and social aspects of the BP.
Decision making is important for entrepreneurs or anyone alike. Procrastination often leads to bad decision making and requires more time to rectify when it happens. Here are some tips to help you take control of your decisions for your business.
BUSINESS OPPORTUNITY
WHAT IS OPPORTUNITY ?
TYPES OF SITUATIONAL FACTORS
EMERGENCE OF OPPORTUNITY
OPPORTUNITY IDENTIFICATION
OBSERVING CHANGES IN THE ENVIRONMENT
RECOGNIZE PROBLEM AND FIND SOLUTION
BUSINESS OPPORTUNITY AND SELECTION
THINKING MODES
Given the complexity of the challenges we face as leaders today, it is impossible to have all the answers. When we innovate and consider new possibilities, it is inevitable that we will fail from time to time. In this session, we will explore our willingness to deal with and learn from failure. We will consider new tools and skills to help us deal with missteps more productively – so that when we fail, we fail forward.
Excerpted from The Emerging Healthcare Leader A Field Guide, .docxcravennichole326
Excerpted from The Emerging Healthcare Leader: A Field Guide,
by Laurie Baedke and Natalie Lamberton (Health Administration Press, 2015).
127
C H A P T E R 8
Bounce Back from Failure
“Mistakes are the usual bridge between
inexperience and wisdom.”
—Phyllis Theroux, Essayist
Reading Points
• Managing Failure
• Taking and Handling Criticism
• Persevering Through the Nos
• Trying New Things
• Forgetting
• Michael Jordan was cut from his high school basketball
team.
• Walt Disney was fired from a newspaper for “lacking
imagination” and “having no original ideas.”
• Steve Jobs was unceremoniously removed from the
company he started.
Copying and distributing this content is prohibited without written permission. For permission,
please contact Copyright Clearance Center at [email protected] or visit www.copyright.com.
The Emerging Healthcare Leader128
• Oprah Winfrey was demoted from her job as a news
anchor because she “wasn’t fit for television.”
• The Beatles were rejected by a recording studio, which
said, “We don’t like their sound, they have no future in
show business.”
This list coul d go on and on, but our point is this: Fail-
ures happen to everyone, even to very talented, famous people. As
we’ve said, failures are a matter of when, never a matter of if. All
we can do is hope for the best, but plan for the worst.
Don’t define your career in this constantly changing, high-
stress, high-stakes healthcare industry by the number of times
you failed or made a mistake. Doing so is unfair, and it dimin-
ishes the countless things you’ve accomplished, contributed, and
improved. Instead, see failure for what it is—an inevitable and
scary occurrence that you can bounce back and learn from and
you can prevent. How you overcome or rebound from adversity is
what should define your career, because that’s tough work that not
only requires but also shows your strength of character—whether
you’re tenacious, resilient, committed, disciplined, progress ori-
ented, and so on.
Many of us were schooled to believe that failure is bad. But
that’s only true if you let it stop you from trying again. In fact,
failure is good because it provides learning and growth opportu-
nities. It also promotes taking risks by applying new approaches
to old or existing processes. The corporate giant 3M, for example,
has a company-wide philosophy that encourages employees to
fail—and do so regularly (Kalb 2013). If employees aren’t fail-
ing 95 percent of the time, the company reasons, then they likely
aren’t trying anything fresh and current. Although we elevate our
chances of falling flat on our faces if the new techniques don’t
work, the fact that we ventured out to test new waters is valu-
able. It expands not only our skills but also our professional and
personal horizons.
Copying and distributing this content is prohibited without written permission. For permission,
please contact Copyright Clearance Center at [emai.
Fail Forward, How to Turn Mistakes into Steps to SuccessAlex Rascanu
Alex Rascanu delivered the "Fail Forward, How to Turn Mistakes into Steps to Success" presentation at the Learning Enrichment Foundation on November 20, 2013. More details about the presentation can be found at http://www.alexrascanu.com/fail-forward-turn-mistakes-into-success.
Do you think your work must be 100% perfect, 100% of the time? Or that you haven’t truly earned your position? Does your confidence take a plunge when you suffer a setback? You are not alone. 70% of the U.S. population has experienced this feeling, known as impostor syndrome. Instead of hiding behind the fears of failure, we all need to face them, overcome them, and learn from them. The best way to defeat imposter syndrome is to change the workplace environment.
Mental conditioning is a dynamic process of self-awareness and mental skills training that works to help performers and groups optimize thinking in order to optimize performance. Mental skills affect our performance whether we want them to or not.
it is all about the teething problems of startups and the hardcore nuggets need to navigate this storm.
In the word of an investor cum entrepreneur :
"Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it\'s either you quit or you swim back to shore, build a new ship and sail again. "
Six Powerful Tips to become successful and productivekomalnan123
In this power point presentation Dr Arvinder Singh gives six important tips to become rich and successful. These success tips are simple and highly effective.
Similar to Life after business failure: Recovering from and making the most of business failure (20)
Slide deck from the ERC _ IFB event held at the Shard on March 2nd 2023
This conference focussed on the theme of new frontiers in family business research. Researchers, decision makers, and family business practitioners came together to discuss current themes and challenges in the family business research field and practice, and to explore new priorities and avenues for research in 2023 and beyond.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
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In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
2. Outline
• Why failure?
• Defining failure
• Assess the nature and consequences of failure in
entrepreneurship (the assets and liabilities of
failure)
• Evaluate the saying “failure is the fuel of success”
> Reflect on how individual entrepreneurs might
make the most of their failures
> Reflect on how businesses might be designed
to enable them to capitalize on failures
3. The F word...
• The uncertainty entrepreneurs face brings with it
opportunity but also failure.
• “Large” vs “small” failures:
> Terminal failure – closure of the business because of
total economic failure (insolvency) or it has fallen
short of the entrepreneur’s goals
> Episodic / day-to-day failures – e.g. failure to meet
performance targets set by investors; NPD failure;
loss of key staff; sudden rise in costs etc.
• Failure is endemic in entrepreneurship
4. Business Failure Rates
• On average, 50% of new single-establishment
businesses ‘fail’ (i.e. cease to exist) within the first
4 years.
• Office of National Statistics (ONS) 2008
• Business failure is on the rise
In 2009:
236,000 business births
279,000 business deaths
Highest no. of deaths and
first time deaths > births
since records began in 2000
ONS, 2010
5. Failure: The Fuel of Success?
Abraham Lincoln experienced 12 major defeats before he
was elected 16th President of USA.
Before the start of his career, Beethoven’s music teacher
told him that “as a composer, you are hopeless”.
Walt Disney’s first cartoon production business went
bankrupt.
John Grisham’s first novel was rejected by 16 agents and
12 publishing houses.
“One who fears failure limits his activities. Failure is only the
opportunity to more intelligently begin again.” (Henry
Ford, whose first two automobile companies failed).
Failure is an event, not necessarily a person.
6. Failure: The Fuel of Success?
“The British attitude is if you have failed once,
you are a failure forever. The American attitude
is that if you have failed once, you have learned
a lesson that makes you more likely to succeed
next time…The American point of view accepts,
and almost congratulates failure as a path to
eventual success. It has made American society
much more entrepreneurial and, ultimately, more
wealthy.”
Haji-Ioannnou Stellios (2005)
8. The Assets of Failure
• Learning and new knowledge
> About self
> About entrepreneurship
• Motivation – to correct problems, challenge old
assumptions and innovate.
• Emotional resilience
• Strengthened relationships
9. Entrepreneurs’
Thoughts on Failure
“Bankruptcy was a dire blow…After all, it is like
euthanizing your own baby. Economic downfall
entails a complete breakdown that affects your
confidence in your own abilities and your trust in
people”
French serial entrepreneur
“Business failure is a kind of social death, with every
little aspect of your life badly jeopardized…I felt
abandoned by everyone, it was a nightmare”
Italian serial entrepreneur
10. “[The business is] a child.... [Losing the business] was devastating....
The things that were going on in my life—I'd lost my company, lost
my home, lost everything. I couldn't handle it . . . . There was a time
…when I sat in my office and cried, and then put a gun to my
head…. When I finally got over all that [pain and anger associated
with the loss of the business] was when I quit blaming other
people.... It was my fault because I didn't plan far enough ahead. It
was stupid as hell of me to sit there exposed like that. . . . Listen, this
lesson was extremely expensive. I paid dearly, my family paid
dearly.... Yeah, I learned a lot.... I'd be an incredible CEO for some
company. I'm the best.”
A serial entrepreneur,
Founded 8 businesses (2 went bankrupt)
11. The Liabilities of Failure
• Financial costs
• Social costs
> Reputation – stigma
> Relationships (e.g. business partners, financiers,
family etc.)
• Emotional & Motivational
> Business failure likened to the loss of a loved one,
leading to grief
> Self-doubt & knock to confidence
• Physical
12. Failure:
The Fuel of Success?
For failure to lead to success, two related things
must happen:
1. One must learn from the failure (but this is not
automatic)
2. One must bounce back and start again to apply
what they have learnt (i.e. manage emotions)
How one makes sense of and reacts to failure
becomes important
13. Learning is not just a function of
how and what we “think” but
also how we “feel”
(Shepherd, D.A., 2009)
14. Learning from failure
• Learning from failure is not automatic or
straightforward – biases, emotions etc.
> Attribution bias: attribute successes to ourselves
and failures to others / external effects
> Emotions: Propensity to focus on how bad everyone
felt on last day of business and handing over key to
liquidator – leaves less room to focus on actions /
inactions that lead to the failure in the first place.
15. How to manage emotions and
bounce back after failure
Three strategies from the grief recovery
literature:
> Loss orientation – working through and processing some
aspect of the loss experience (e.g. discussing the failure with
friends, family, others…) BUT too much of a loss orientation
may lead to rumination and an inability to break the bond with
that which has been lost
> Restoration orientation – based on both avoidance and
proactiveness (e.g. starting a new business) BUT too much
restoration orientation may limit reflection on the loss and lead
to an inability to draw out lessons
> Oscillation strategy - individual oscillates between loss
orientation and restoration orientation.
16. “Don’t worry so much about being
right –worry about being wrong
intelligently!”
Marrisa Mayer
(ex-Google, now Yahoo CEO)
“Intelligent failure”?
17. How to fail well: Some insights
from experienced entrepreneurs
• Accept that failure is a natural part of entrepreneurship
• Affordable loss – what am I willing to lose? Fail cheap
• Build partnerships of all kinds
• Focus on control not prediction; incremental steps
• Embrace contingencies / surprises
• Develop a support system
• Build a culture that shares, forgives and sometimes
celebrates (?) failure
18. An “Intelligent Failure” Culture?
• How can organizations respond to failure
constructively without giving rise to an anything-goes
attitude?
• A culture where one can admit and report failure
must co-exist with high standards of performance
• Identify blameworthy and praiseworthy failures
> When asked managers estimated 2-5% of failures were
truly blameworthy but 70-90% were treated as
blameworthy
19. How to build a “safe” environment:
Implications for Leadership
• Frame the work accurately – what is normal in your
context (e.g. Routine production or innovation)?
• Embrace messengers – “blameless reporting”
• Set boundaries and hold people accountable
> What is tolerable and what is blameworthy? What are
the consequences?
• Lead by example – acknowledge your limitations – what
you don’t know, your own mistakes
• Invite participation from all perspectives – teams
20. Some additional evidence...
• You can learn from others’ failure experiences (as long
as you have some experience of failure yourself)
(Madsen and Desai, 2010)
• Challenges the learning benefits of small failures
(Madsen and Desai, 2010; Shepherd et al., 2012).
• If the failure is too small and you don’t experience a
sense of loss you may not have enough motivation to
try and make sense of the failure
• Social-pain functions like physical-pain and responds to
analgesics! (DeWall, 2011)
• You can learn to become more resilient (Seligman, 2011)
21. Let’s not forget about success...
• Failure can fuel an “unfreezing” process in which old
ways of perceiving, thinking and acting are shaken and
new ways accommodated. In contrast, success may
lead to over-learning of behaviours that are believed to
foster success – lessons drawn from success may turn
into straightjackets that prevent adaptability (Sitkin,
1992).
• Failures get a post-mortem. Why not triumphs?
22. In sum
• Failure and the fear of failure is real and with reason
(assets AND liabilities of failure)
• How can we ensure that the assets outweigh the
liabilities, increasing the odds that failure fuels
success?
> Individual strategies
> Emotional coping strategies
> Insights from expert entrepreneurs
> Organizational strategies
> Design for “intelligent failures”
> Create the right culture
24. The research (a sample)
Cope, J. (2011). ‘Entrepreneurial learning from failure: an interpretative phenomenological analysis’.
Journal of Business Venturing. 26: 604-623
Harvard Business Review (2011). The Failure Issue, April.
Madsen, P and Desai, V. (2010). Failing to Learn? The effect of failure and success on organizational
learning in the orbital launch industry. Academy of Management Journal, 53: 451-476
Read, S., Sarasvathy, S., Dew, N., Wiltbank, R. & Ohlsson, A. (2011). Effectual Entrepreneurship.
Routledge, Oxon.
Seligman, M. (2011). Flourish: A Visionary New Understanding of Happiness and Well-being. Free Press.
Shepherd, D. A., Patzelt, H. and Wolfe, M. (2012). Moving forward from project failure: Negative
emotions, affective commitment and learning from experience. Academy of Management Journal.
Shepherd, D. A. (2009). From Lemons to Lemonade: Squeeze every last drop of success out of your
mistakes. Wharton School Publishing, New Jersey.
Ucbasaran, D., Shepherd, D., Lockett, A. & Lyon, J. (2013). Life after business failure: The process and
consequences of business failure for entrepreneurs. Journal of Management. In press.
Ucbasaran, D., Westhead, P., Wright, M. & Flores, M. (2010). The Nature of Entrepreneurial Experience,
Business Failure and Comparative Optimism. Journal of Business Venturing. 25(6): 541-555.
Ucbasaran, D, Wright, M & Westhead, P (2011). Why Serial Entrepreneurs Don’t Learn from Failure.
Harvard Business Review, 89(4): 16.