A Personal Perspective: If we think about our failures, we can diagnose what went wrong, and strengthen our mental models.
By diagnosing the reasons for the failure, we can strengthen our mental models. That's the power of failure.
Nevertheless, failures serve some purpose; the advice to embrace failures isn’t all misguided. We need to look at the ways that failures can serve us.Yet I worry that people might get too desensitized to failure, and casually brush off their failures. If the people in an organization are too risk-averse and too afraid of failure, we can offer a contrast between downside risk and upside risk. I heard about this contrast during a project I did for a large financialcompany. When the analysts pondered whether to invest in a particular company, they knew that that company might run into trouble, or perhaps even go out of business. If that happened, the financial management firm would have lost its entire investment, but no more than that.
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