7 Ways Companies Can Harness Failure to Drive Success

In his latest column for Entrepreneur, Manatt Digital and Technology Managing Director Kalon Gutierrez examined the value of failure and how it is a necessary ingredient of success. Gutierrez noted that, while leaders can define what success looks like, many do not leave room to fail and learn from past mistakes. He explained that companies must recognize failure as a necessary part of learning and learning as a necessary part of success. “Leaders must ask themselves how they can incorporate failure as an integral part of their hiring, leadership and success practices,” Gutierrez said, adding: “and, more important, how they can reframe failure, correlate it to learning and hold themselves accountable for doing so.” 

Gutierrez provided seven ways companies can utilize failure to drive learning-led leadership: 

1. Broaden the Hiring Scope 
2. Incorporate Failure as a Key Hiring Ingredient 
3. Hire Leaders Who Have Taken Varied Career Paths 
4. Evaluate Failure as a Required Component of the Company’s Existing Leadership Evaluation 
5. Integrate Failure Into Company Objectives and Leadership Platforms 
6. Allocate Time for Big-Leap Innovation 
7. Reward Risk-Taking