In order to build more profitable entrepreneurial ideas within an organization, executives and their managers must be willing to work through the process of trial and error, recognizing that this “error” (or failure) is a vital part of the creative cycle.
A survey from Accenture Strategy shows that many employees believe their employer’s attitude toward failed ventures is important during the creative process. Twenty-seven percent of the employees surveyed said they didn’t pursue entrepreneurial endeavors because of fear of negative consequences, though 52 percent of employers surveyed said they have initiated new pursuits in their organizations.
To build a safe space for entrepreneurial interests, employers must be willing to allow room for innovation, reward employees and provide incentives for their efforts—even if it results in a failed idea. They can then use this safe space to learn from those failures. It’s understandably difficult as an employer to favor innovation over risk. But in order to generate and monetize new ideas, employers must be willing to fail.
Read more here on encouraging entrepreneurship among employees and handling failure in this full article from our own Matt Reilly.
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