Navigating Failure in Entrepreneurship [Video]

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In this episode of the Duct Tape Marketing Podcast, I interviewed Amy Edmondson, the Novartis professor of leadership and management at the Harvard Business School. Renowned for her research on psychological safety and author of several acclaimed books, including The Fearless Organization, and the Science of Failing Well – winner of the 2023 Financial Times Business Book of the Year. Amy shares her insights on the science of failing well in entrepreneurship.

Key Takeaways

Amy Edmondson challenges the conventional view of failure, advocating for a shift towards intelligent risk-taking in entrepreneurship. By emphasizing the importance of clear goals, informed hypotheses, and systematic risk assessment, she guides listeners towards embracing failure as a catalyst for growth and innovation. Amy underscores the role of organizational leaders in cultivating a culture where intelligent risk-taking is encouraged and celebrated, empowering teams to experiment, learn, and adapt. Through reframing failure as a natural part of the entrepreneurial journey, Amy inspires aspiring entrepreneurs to navigate challenges with resilience and optimism, unlocking their full potential in today’s dynamic business landscape.

Questions I ask Amy Edmondson:

[00:50] Why do a lot of business gurus promote the concept of failing?

[02:58] How do we create a methodological approach to failing?

[05:21] Explain the gap between rhetoric and action when it comes to failure?

[08:11] What are some of the characteristics of smart failure versus just failure?

[10:39] Do you ever run the risk of people sort of preparing to fail on purpose?

[11:45] Does expecting failure to a certain degree a mentality?

[12:59] What are some of examples of ROI an organization can start to see by well designed failure experiments?

[15:43] How do we empower our managers and team leaders to give people permission?

[17:35] What are your thoughts on thinking big: 10x vs 2x. Could it help people fail faster?

[19:15] Where can people connect with you, learn more about your work and pick a copy of your book?

More About Amy Edmondson:
Connect with Amy on LinkedIn – linkedin.com/in/amycedmondson/
Grab a copy of Right kind of Wrong – amzn.to/3T4aTTg

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