MN Change Management Network Change Summit Building In Risk Taking & Failure Setting the Stage Know Thyself - Plato Know Your Audience New Venture Mistakes vs Failures Mistake: An incorrect, unwise or unfortunate decision caused by bad judgment, lack of information, or a lack of attention Failure : Lack of success - when something you were trying to accomplish fell short of what was required or projected Mistakes dont have to end in failure Failures arent always caused by mistakes My Background Matt Hunt: Systems Programmer / Web Entrepreneur VP IT Outsourcing Strategy Director Retail Strategy & Innovation Development Strategy & Innovation Entrepreneur Systems Thinking: Failure as Feedback Decision Action Reaction Creating a Learning Organization The Spark - Value From Failure Reality Check: Innovation, Risk Taking & Failure Nothing Is Perfect 1941 $33B Market Capitalization Epic Failure: Wrong When Youre Right Failure Breeds Fear Your Success Is Derived From Results of Others Fear of Failure Limits Us Biggest obstacle to employees taking greater responsibility? Fear of being held responsible for mistakes or failures 38% Lack of incentives or deterrents in organizational processes 14% Reluctance to make decisions that might impact ones career 9% Problem already ingrained in the organizations culture 18% Senior managements indifference 14% Dont know 7% Failure vs. Hierarchy of Needs Failure strikes at our core: Safety impacts our financial resources Belonging risk not only job but friendships Esteem a huge impact on self-esteem & confidence Common Responses to Fear 1.Comfort Zones 2.Defensive Behaviors 3.Avoidance 4.Attack 5.Playing Not to Lose These Are Normal! Perspectives on Failure Columbia Gujarat Silicon Valley Columbia, South America A permanent stain on reputation Entrepreneurs had two pitches: LatAm: A fail-free story US: A failure-included story Failure cannot be an option No reason you should fail Gujarat, India Entrepreneurship by necessity Try anything and see what works Find a model that works and repeat They take pride in their failures Silicon Valley, CA What distinguishes Silicon Valley is not its successes but the way in which it deals with failure? Randy Komisar Trial and error entrepreneurship A numbers game & failure is expected There is no shame factor Examples: Roku / Momenta Building Tolerance For Failure PersonalProfessional Failure Resume / Personal Tina Seelig: Getting you comfortable with your failures List your personal, professional, and academic failures what was learned? My failures are the outcomes of my actions, but they do not define who I am Are you failing enough? Failure Forums / Professional Program has to start from the top Failure Forums: What was Accomplished What was Learned What would have been Done differently Stay away from statements of blame Assessing the System People: Hiring / Identifying Cultivating Retaining Processes: Mentorship Annual Reviews Internal Transfers Tools: Pre or Post Mortems Failure Forums Innovation Management Processes Building Tolerance For Risk & Failure Risk taking starts and ends with the individual Building tolerance for failure has to come from the top How strong is the internal competition? Culture? Demonstrate the power of learning from failure Proactively address failure Create the culture that you seek Build the processes and tools to learn from failures Ensure that lessons are used in future decision making Outlearn & Outgrow Competition A Few Questions What is my failure tolerance? What type of project am I working on? How does my organization respond? Thank You Will you join me in a Failure Revolution? LinkedIn:www.linkedin.com/in/huntmatt/ Blog:www.matthunt.co