The benefit of losing

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The benefit of losing

One of the greatest inventors in human history was Thomas Edison, often called the “Wizard of Menlo Park.” In fact, one of his innovations is used to illustrate individuals coming up with new ideasthe lightbulb. Similar bulbs were in use but unreliable and he came along and changed how things were done, making bulbs less pricey and more reliable.

In order to do that he created a vacuum inside the bulb and then had to find the right filament to use. In one interview he said he tried 3,000 different filaments before success; other sources said it was closer to 6,000.

What is clear is he failed thousands of times before he succeeded. However, Edison did not see these attempts as failures. He explicitly stated, “I have not failed 10,000 times I’ve found 10,000 ways that will not work.”

The value of failure lessons from Edison

Everyone would like a system that guaranteed success at everything they try but that’s just not how reality works. In addition, mistakes often are useful for teaching lessons. Many a teacher has discovered that students who fail at solving problems often benefit when they are taken through their error step by step. They learn where they went wrong and improve as a result.

Educator and lawyer Colin Seale said, “Students cannot develop into critical thinkers if they regularly freeze out of fear of making a mistake.” Learning from mistakes helps students become better-problem solvers and critical thinkers.

Of course, all this requires innovation. Problems are not solved by making the same mistakes of the past. They need new thinkers tackling the issues in new ways. Of course, we often find a culture or regulatory system that desperately clings to the old ways, no matter how badly they have failed.

Innovation requires risk and loss

All this applies to basic economic problems. Innovators threaten to upset the apple cart and those entrenched in the status quo want them stopped. The right innovation could entirely put them out of business. Look at how many places in the world have effectively stopped using


James Peron | President | Moorfield Storey Institute | Contributing Author | Free Market Foundation | mail me |


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Related FAQs: Innovation lessons from failure 

Q: What is the benefit of embracing failure in an organisation?

A: Embracing failure can foster a culture of innovation within an organisation, as it encourages employees to take risks and explore new ideas without the fear of failure, ultimately leading to groundbreaking advancements.

Q: How can organisations learn from failure?

A: Organisations can learn from failure by implementing strategies for learning from failure, such as conducting thorough post-mortems to analyse what went wrong and identifying lessons learned that can inform future projects.

Q: Why is failure considered a stepping stone to success?

A: Failure is often viewed as a stepping stone to success because it provides valuable insights and experiences that lead to learning, helping individuals and organisations to innovate and improve their approaches over time.

Q: How does failure lead to learning in the innovation process?

A: In the innovation process, failure leads to learning by revealing what doesn’t work, allowing teams to pivot and refine their strategies, ultimately enhancing their chances of success in future endeavours.

Q: What is the role of a culture of innovation in managing failure?

A: A strong culture of innovation encourages teams to view missteps as opportunities for growth, reducing the fear of failure and enabling a more open-minded approach to experimenting with new ideas.

Q: How can organisations foster a positive attitude towards failure?

A: Organisations can foster a positive attitude towards failure by celebrating lessons learned from failures and sharing stories of resilience, which can help to shift perspectives and encourage continuous improvement.

Q: What are some common misconceptions about failure in business?

A: Common misconceptions include the belief that failure is unacceptable and that it signifies a lack of competence, when in reality, failure is inevitable in today’s fast-paced business environment and can lead to valuable lessons.

Q: How can individuals use failure as an opportunity for personal growth?

A: Individuals can use failure as an opportunity for personal growth by reflecting on their experiences, identifying what went wrong and using that knowledge to inform their future decisions and strategies.

Q: How does fear of failure impact an organisation’s ability to innovate?

A: Fear of failure can stifle creativity and hinder an organisation’s ability to innovate, as employees may be less willing to take risks or propose new ideas if they are worried about the consequences of failure.





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