5May 2020
May 5, 2020

Tip of the Week – Take 5: The Upside to Failure

Are mistakes making you better at what you do in the long run?

This week we take a look at “the surprising benefits of striking out, and how to make the most of your mistakes”.  Take 5: The Upside of Failure by writer Jake J. Smith, a research editor at Kellogg Insight.

BASED ON THE RESEARCH AND INSIGHTS OF Maryam Kouchaki,Dashun Wang,Benjamin F. Jones,Yang Wang,Craig Wortmann,Edward (Ned) Smith,Col. Brian Halloran,Eric T. Anderson. 

Kouchaki explains it this way. “This is what I teach in my MBA classes—that being a good leader is to take time to reflect, to learn from one’s success and failures.”

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Kouchaki lists 5 topics to help direct the reader’s attention to what is possible when one reflects on ones habits, past mistakes, and even our ability to deal with focus groups. He highlights the researchers respective experiences in theirs fields when dealing with competition, ambition, selective memory, and unethical actions.

Time passes and so does our memory, but with a few exceptions we hold onto those most painful experiences, and hopefully turn them to our favor with time. Here are the five topics presented by Smith.

5. Sometimes What Looks Like a Success Is Actually a Failure in Disguise

4. It’s Possible to Foster a Culture Where Failure Is OK

3. At the Very Least, You Get a Good Story Out of It

2. But, Thankfully, Failure Really Can Benefit Your Career

1. You Probably Mess Up More Often Than You Think

“Failure is devastating,” says Wang, “and it can also fuel people.”



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