HBS professor says that mistakes can help you understand the path ahead.
Prior to Jeff Bezos transforming Amazon into the globe's leading e-commerce empire, he launched zShops, initially known as Amazon Auctions. This platform enabled third-party vendors to advertise their products on Amazon. However, the project was a dismal failure due to the complex user experience that sellers encountered.
"According to Bezos' 2014 annual letter to shareholders, he stated that seven people attended, including his parents and siblings. He also mentioned that Auctions evolved into zShops, which was a fixed-price version of Auctions. However, there were no customers."
The development of Amazon Marketplace, with its 2.5 million third-party sellers, was a result of the efforts made.
Productive failures often lead to successes, as seen in the cases of CEOs like Bezos.
According to Amy Edmondson, a professor at Harvard Business School and author of "Right Kind of Wrong: The Science of Failing Well," falling short of your goal can help you identify what you need to do differently in the future.
Edmondson says that a productive failure can teach you something about the path by saying, "Not this way."
But not all failures do this.
"Edmondson explains that unproductive failures occur when we simply go through the motions, resulting in basic failures that lack any positive outcomes. For example, texting while driving and causing an accident is a basic failure that does not contribute to productivity."
To ensure that you learn the most from a new project, make sure it meets these four criteria, so that even if you fail, you do so productively.
1. Takes place in 'new territory'
Pursue an activity where you have no prior experience.
"Edmondson states that if he decides to take up the violin tomorrow, it will be new territory for him. Similarly, if he decides to write a new book that does not currently exist, it will also be new territory, and there will be failures in both activities."
2. You're working toward a goal
By being mindful of your actions, you can better monitor your progress and gain knowledge.
If you're new to running a seven-minute mile, it's unlikely that you'll make that time on your first run. But having an anchor can help you stay focused.
3. You've done some research
Edmondson advises that even if something is new to you, you don't have to dive into it without any preparation. First, research where someone at your skill level should begin and what steps are necessary to achieve your objective.
4. The failure is no bigger than necessary
Don't exhaust your resources on a project you're just learning how to tackle.
"Edmonson advises against announcing a new product to the world and rolling it out at scale without first determining its effectiveness and customer appeal."
Take small steps towards your goal so you can make adjustments as necessary.
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Make It
Saving money is a top priority for many people, and one 27-year-old who makes $108,000 has found that thrift shopping has been a key factor in his financial success. Here are his top three tips for saving money through thrift shopping: 1. Be selective: When shopping for clothes, it's important to be picky about what you buy. Look for items that are versatile and timeless, so you can wear them for years to come. Avoid buying trendy pieces that will quickly go out of style. 2. Shop smart: Take advantage of sales and discounts, and look for deals on items that you need. You can also save money by buying secondhand clothing from thrift stores, consignment shops, and online marketplaces. 3. Donate and sell: When you're done with clothes that you no longer wear, consider donating them to a local charity or selling them online. Not only will this help you declutter your wardrobe, but it will also put money back into your pocket.
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