Don’t view failure as an endpoint
If you want to enhance the chances for innovations and good ideas to appear, promote experimentation. It is popular nowadays to instil the idea in employees that if they are to fail, they should fail quickly. But if you want to promote risk taking, you must mean it seriously. On the other hand, you should also ensure the cost of failure will not be too high.
Failure is an opportunity to learn
Without failure, we might never uncover certain problems. Google, for example, is well aware of this: the company is famous for its detailed method for analysing failure. They analyse what happened and why, how it was resolved, and what is to be learnt from it.
Establish a process that will help manage the risks connected to failure. Without such a process, unsuccessful experiments can lead to negative consequences for the people who engaged in them. They may end up being held accountable for an unsuccessful initiative, resulting in their receiving negative performance reviews. That can quickly diminish the risk-taking attitudes within the company. This warning comes from the business2community.com website.
Anticipate trends and act accordingly
The status quo never lasts forever. If you assume it is here to stay, you are likely to be caught off guard by shifts which are occurring in your industry. Streaming of videos could make the business model of many companies in the video industry obsolete. E-commerce is another big shift which is having a significant effect on many business models.
Don’t fall into the success trap. Your strategy for the future cannot rely on previous successful experiences. Look ahead and develop new assumptions.
-jk-