Failure

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Tim-Harford-500
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Tim Harford on Trial, Error and Our “God Complex”

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  • Read Time: 3 min 

Financial Times journalist Tim Harford and author of “Adapt: Why Success Always Starts With Failure” argues that companies that have a God complex look for smart people (what he calls “little Gods”) to solve complex problems — when what they should really be doing is establishing systematic processes of trial and error.

07-Operations-500

Opportunism Knocks

Complex supply chains with many agents are more prone to problems, and on occasion, to spectacular collapse. Examples from the last few years include the subprime mortgage crisis; the failure of the Peanut Corporation of America; and dioxin-contaminated Irish pork. Without a doubt, today’s complex supply chains are vulnerable to opportunistic behavior leading to sometimes catastrophic failure. But there are five steps managers can take to protect their companies.

017-Strategy-500
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The importance of tolerating failure

  • Blog

A new working paper tackles an interesting topic: the relationship between tolerance for failure and innovation. In particular, authors Xuan Tian and Tracy Y. Wang looked at venture capitalists' tolerance for failure  -- and its effect on the innovativeness of the young companies they invested in.

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023-Innovation-500
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Encouragement for innovators

  • Blog

Innovating  in difficult economic times can be discouraging. With that in mind, here's an upbeat video clip from Tom Kelley, general manager of IDEO, the well-known design firm. Kelley spoke at Stanford a few months ago on the topic of "how to be an innovator for life."

038-Global-Business-500

Success as the Source of Failure?: Competition and Cooperation in the Japanese Economy

Will the Japanese business system, based on favorable industrial policies, the keiretsu, and lifetime employment, survive the current recession? While simultaneous competition and cooperation among companies have fostered growth and a system without “losers,” fundamental changes may require an upsurge in risk-taking Japanese entrepreneurs.

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