Embrace Failure to let the Winner Inner You Emerge

Most of us think that a giant company should have been a straight-line?success?in all?the areas it invested in, compared to smaller companies.?Of course,?they have a lot of resources: a talent pool and financial means.?But, this is not the?real and full?picture. And why you have only heard about their success? Because success sells!?But in fact,?for those so-called?invincible companies,?there are a lot and a lot?of?failed attempts behind?their large?success. For example, since 2001, Amazon explored and has given?up on?20 projects.

Based on a study by Strategyzer, 6 out of 10 investments lose money, and only 4 out of 1000 are outliers and show good?performance which should return 50 times or more the invested capital.?

Failure and invention are inseparable twins——Amazon CEO Jeff Bezos

Some learnings from Amazon's failed projects:

• The larger the return you expect, the more project you need to invest small sums in. You can't pick the winner without investing in projects that will fail
• Build an entire organization’s culture by embracing failure from the very top?leadership to the bottom and incentivizing?experimentation from every single employee
• It has accustomed investors to its many costly failures so that the company’s value is not tied up to its losses but to its potential success
• Reward employees who take initiative to pursue something that is far from a sure thing

A motto in China is "Failure is the mother of success". So from the West to China, the origin of success is the same: from failure to failure until success (Winston Churchill).?

#China #Business #Mangement #Sales