Summary: Whoever Makes the Most Mistakes Wins

Review and Analysis of Farson and Keyes' Book

BusinessNews Publishing

• Publisher: Must Read Summaries
• Year: 2016
• eBook ISBN: 9782511017043
• Topic: Business
• Subtopic: Management
• Index: Business

The must-read summary of Richard Farson and Ralph Keyes' book: `Whoever Makes the Most Mistakes Wins: The Paradox of Innovation`.

This summary of the ideas from Richard Farson and Ralph Keyes' book `Whoever Makes the Most Mistakes Wins` shows that, in business, the concepts of “success” and “failure” are more ambiguous than most people acknowledge. Not only are there many different ways to define both of these terms but frequently, short-term failures lay the foundation for long-term success. That means these failures are an unavoidable part of the pathway to succeeding. In their book, the authors explain that companies need to encourage their innovators to learn more by making productive mistakes. In this environment, managers should worry less about rewarding success and focus more on learning from both failure and success. This summary provides the tools to achieve success in today's environment and not be afraid of failure.

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To learn more, read `Whoever Makes the Most Mistakes Wins` and find out how to encourage creativity for future success.

Summary of Whoever Makes the most Mistakes Wins (Richard Farson and Ralph Keyes)

1. The Fallacy Everything is Either a Success or Failure

Main Idea

The terms “success” and “failure” defy definition because everyone has their own unique perspective on what each one means. In real life, it’s usually impossible to untangle the two because many successes are achieved by applying the lessons learned from each failure. Therefore, both are necessary and essential.

Supporting Ideas

It’s very rare for any individual to achieve success as they define it. Even high achievers frequently feel like their success is undeserved, the result of happy coincidences rather than any conscious act on their part. Or they may dwell on their seemingly rare failures as the true measure of their life’s work.

The same is true in businesses. Many of the great commercial success stories have arisen out of the ashes of temporary defeats. For example:

• IBM faced a financial disaster a few years ago. As a result, it brought in new leadership from outside the company who completely reinvented the business from the ground up. As a result, IBM is now enjoying impressive financial results and is well positioned for the digital economy.
• The marketplace failure of New Coke spurred Coca-Cola back into action. Today, the company is enjoying a renaissance.

Therefore, to cope with the complexities of the current business environment, avoid making clear distinctions between success and failure. Instead, recognize that every situation contains some elements of both success and failure. Have a more relaxed attitude to both, rather than trying to define each too sharply. Instead, concentrate on intensity of purpose. Don’t try and pursue victory while avoiding defeats. Instead, pursue commercial goals that challenge everyone in the organization to contribute everything they can.

Key Thoughts

“One must be God to be able to distinguish successes from failures and not make mistakes.”

– Anton Chekov

“In a rapidly changing economy, it’s futile to try to stay abreast of symbols of success: the suits, ties, shoes, watch, pen, desk and corner office that make one appear successful. Some of our most dynamic companies and those that work there shun those symbols. Yesterday’s notions of success and failure have gone the way of gray flannel suits. In today’s business climate, the concept of success has become vague, complicated, even contradictory. Measures of success and failure are more ambiguous than ever, part of the broader complexity of a global, digital, online economy. To cope with this economy don’t flee from its complexity; embrace it. In the world to come, we will repeatedly face fluid, ambiguous, even paradoxical situations. Wisdom consists of realizing that every seeming paradox, all apparent contradictions, can’t be resolved. Some even contain seeds of necessary change.”

– Richard Farson and Ralph Keyes

“At the cutting edge of today’s economy, creative minds have already embraced the symbiotic nature of success and failure.”

– Richard Farson and Ralph Keyes

2. The Agony of Victory vs. the Thrill of Defeat

Main Idea

Most high achievers really aren’t all that concerned whether a project turns out to be a success or a failure. Instead, they crave intense experiences where they can be fully engaged in what’s going on. For these people, the outcome is less important than the ability to bring to bear their very best efforts.

Supporting Ideas

When you or your organization face a challenge that’s so absorbing it compels you to put in your best efforts, whether the project is a success or failure becomes of secondary interest. Being part of the action has its own rewards, its own motivations. High achievers are just as motivated by their failures as they are by their successes – maybe more so.

This is why many successful entrepreneurs remember fondly the early days when their new ventures face the very real prospect of going under. For them, they really felt alive and needed when there were dark clouds and thunderclaps of impending disaster. These people feel focused by problems and chaos, and tend to feel restless or unfocused when things become too smooth and predictable. To a greater or lesser degree, this is true for everyone. We all need and crave the opportunity to overcome challenges. Entrepreneurs like the thrill of beating the odds by getting a business off the ground. This is most likely why so many are much better at creating a business rather than managing one.

Most people can remember their moments of adversity more clearly then their successes, even if there are some impressive success stories to recount. Why? Possibly because we all respond better to adversity than we ...

Table of contents

• Title page
• Book Presentation
• Summary of Whoever Makes the most Mistakes Wins (Richard Farson and Ralph Keyes)
• About the Summary Publisher
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