How to Succeed in Business by Failing—Intelligently

Colloquy

Fail fast, fail frequently, and learn from it. That's the mantra adopted by many Silicon Valley firms in recent years. Fine. But would you tell that to your emergency room doctor for someone who's managing your retirement funds or the pilot of your next flight?

Harvard Business School Professor Amy Edmondson says that the key to squaring this circle is failure-proofing critical areas where best practices are well-known while encouraging experimentation in new fields where useful and productive knowledge can be gathered. That means building a sense of psychological safety among colleagues and coworkers that fosters trust, open communication, and new ideas.