To be successful, you have to take risks. If you take risks, then sometimes you are going to fail. When you fail, you need to learn from what went wrong.
As a leader, it’s important for you to put in the effort to learn some things before they are actually seen in your context. The risks you take should be smart, and they are smart if you’ve thought about, and mitigated, the familiar ways to fail.
You should always strive to make your failures novel.
If it’s easily predictable, something that’s failed similarly before or a direct repeat of a failing in the past, then you haven’t learnt what you needed. You are letting down those that rely on you.
This Saturday, Swatch launched their Moonswatch, a collaboration with Omega. Only to be sold in stores, available on launch date in limited numbers. Wildly anticipated, certain to be incredibly popular.
These types of product drops are becoming more familiar in retail environments, and there’s a standard playbook to manage them.
Unfortunately, this playbook didn’t make it out to every store. Some managed well and gave people a great experience. Some really didn’t, leading to scrums in the street, the police being called and stores closing a few minutes after opening.
There’s a school of thought that all publicity is good, but here the company could have avoided the bad with better planning and just basked in the good of a well managed launch, a popular item selling out fast and lines of people waiting for their chance.
What basic mistake are you going to avoid? What can you learn today to make sure your next failure is a novel one.