PODCAST:Behind the Money
TITLE:Author Amy Edmondson on ‘intelligent failure’
DATE:2023-12-20 00:00:00
URL:
MODEL:gpt-4-gizmo
In this episode of "Behind the Money," the Financial Times and Troaters' annual prize for the best business book of the year was awarded to Amy Edmondson for her book "Right Kind of Wrong." Edmondson, a Harvard Business School Professor and an influential organizational psychologist, focuses on the topic of failure in her book. She discusses learning from failure, taking calculated risks, and critiques the Silicon Valley mantra of "fail fast, fail often." Here's a summary of the key points from her interview with FT senior business writer Andrew Hill:
Taxonomy of Failure: Edmondson categorizes failures into three types: basic failures (single cause due to human error), complex failures (multi-cause where many factors contribute), and intelligent failures (thoughtful forays into new territory with a hypothesis-driven approach).
Intelligent Failures: She emphasizes intelligent failures, which occur in pursuit of a goal in new territory where there's no known answer. These failures are the result of well-thought-out experiments.
Personal Research Failure: Edmondson shares a personal story of failure during her PhD research, which led to her significant work on psychological safety. This concept involves creating a work environment where people feel safe to speak candidly, take risks, and admit mistakes.
Contexts of Failure: She identifies three work environments: consistent (predictable outcomes), variable (knowledgeable but with variability), and novel (new territory with unknowns). Each context demands different approaches to failure.
Psychological Safety and Failure: Psychological safety is crucial for addressing intelligent failure. It involves being comfortable with discomfort and being open about failures in the workplace.
Unequal License to Fail: Edmondson points out that not everyone has the same freedom to fail. Women and ethnic minorities often face more scrutiny and consequences for failures than others, impacting their risk-taking ability.
Fail Fast, Fail Often Critique: She criticizes the overly simplistic view of failure in phrases like "fail fast, fail often." She argues for a more nuanced understanding of failure's role in different contexts.
Advice for Leaders and Team Members: For leaders, she advises focusing on intelligent failure and self-awareness. For team members, she suggests fostering curiosity and understanding the right kind of failure.
Application to Politics and Business: Edmondson discusses the potential application of her ideas in politics and business, emphasizing the need for honest conversations about shortcomings and failures.
Perspective on Winning and Losing: She encourages reframing failure as a learning opportunity and highlights the importance of honest self-assessment in personal and professional growth.
Edmondson's insights shed light on the complex nature of failure and its role in innovation, learning, and organizational success. The interview underscores the need for a balanced approach to failure in various contexts and the significance of psychological safety in fostering a culture of intelligent failure.
