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Innovative Business Perspectives: Why Failure is Integral to a Company's Success

Courtney Scharf
November 20th, 2012
Openness to failure is one of the most innovative business perspectives that one can adopt. By nature, both people and companies are trained to fear failure and see it as a setback. What true innovators recognize is that failure is integral to creating leading practices, services and products.

Risk is incredibly important to commercial success, and there are countless examples of companies that have fallen short as a result of getting more comfortable. A huge part of success depends on how both a person and a brand handles failure. Denying employees the opportunity to experiment and take risks will only hurt a company, and likely affect morale in a negative way. Setting money and resources away for the purposes of encouraging risky endeavors can be an effective tactic when it comes to bringing true innovation out in your brand.

It can be difficult to encourage employees to embrace this kind of approach to business, but doing so makes for a more forward-thinking, communicative office. Establishing open communication is key to bringing extraordinary ideas out from hiding, so changes that facilitate employee comfort and communication are key to this approach. Having regular meetings that are set up to encourage dialogue and ideation between employees can be hugely important to generating discussion about potential innovative changes. Rewarding new ideas (even ones that may seem outlandish) instead of suppressing them is not only rewarding to employees, but can also lead to some of the most cutting-edge solutions to company issues.

Rewarding risk and embracing failure while learning from mistakes is the hallmark of some of the most successful businesses out there, and will surely continue to become an increasingly important part of company success.

Viewing failure as a necessity can be a huge shift, but a beneficial one. Trend Hunter's Business Trend Report offers other insights that will shed new light on innovative business practices.