There are several reasons why a business might fail. One reason is having an idea, but no plan or understanding of the industry. Another reason is hiring the first employee that meets the requirements. It’s better to spend a little time finding the right fit. Additionally, friendship must be used with caution in the office setting. It is also important to have trust in the workplace and to properly handle disagreements. Lastly, emotions, namely guilt, complicate business decisions.
- As we pursue success, we are also avoiding failure; and whenever we fail, we also elude success, thus success and failure are intimately connected.
- Hiring out of necessity is the costliest mistake in business.
- Genuine disagreement based on different approaches to solving the same problem is the foundation of learning and progress.
“The whole point of organizational learning is to acquire, categorize and apply the necessary knowledge to support our strategic and operational efforts in all foreseeable scenarios.”