Laurence G. Weinzimmer - The Wisdom of Failure: How to Learn the Tough Leadership Lessons Without Paying the Price

Praise for The Wisdom of Failure

The Wisdom of Failure is an epiphany. From the very first chapter, Weinzimmer and McConoughey shift the readers focus beyond short-term accolades and trade-offs to a horizon where a leader can find true success and accomplishment. In their well-researched book, the authors give leaders the tough love they need to learn from their mistakes before their mistakes become costly. A must-read for aspiring, new, and seasoned leaders.

Jennifer Robin, Ph.D. , author, The Great Workplace

The importance of understanding failures lessons cannot be overstated in todays fast-moving business environment, and The Wisdom of Failure offers a smart research-based guide to navigating these tough leadership lessons. Youll be engaged from the very first page.

Amy C. Edmondson , Novartis Professor of Leadership and Management, Harvard Business School; author, Teaming

The Wisdom of Failure allows you to benefit from the inevitable growth that comes from failure without having to experience it first-hand. An invaluable read for anyone striving to move themselves and their business forward.

Dan Schawbel , founder, Millennial Branding; author, Me 2.0

Never before has learning from failure been more importantto innovation, to learning, to strategy under uncertainty, and to the development of the next generation of leaders. Ironically, in many organizations the attitude towards failure virtually guarantees not only that people wont learn its valuable lessons but that they will also suffer the brunt of its downsides. This well-researched and accessible book is a timely summary of how failure can be useful, even essential, and serves as a welcome reminder of the importance of failing forward.

Rita Gunther McGrath , strategy and innovation advisor, Columbia Business School Professor; coauthor, Discovery-Driven Growth

Having worked with hundreds of emerging companies, I have seen failure in all flavors! Finally we have, in one well-written book, the lessons learned from such experiences. The Wisdom of Failure is an instant business classic destined for the tablets and shelves of our innovation economys leaders.

Larry Weber , chairman and CEO, W2 Group

Leaders become great only when they have overcome adversity. We learn how to grow from our setbacks. Weinzimmer and McConoughey have created a simple framework and practical methodology to develop an organizational culture that encourages productive innovation. The Wisdom of Failure provides us with the research, case studies, and tools to transform our failures into our biggest successes.

Jeff DeGraff , professor, Ross School of Business, University of Michigan; author, Innovation You , Leading Innovation , and Creativity at Work

Every truly great leader has experienced failure and (more important) learned from it. Organizations that support smart failure are more innovative, adaptable, resilient, and profitable. In The Wisdom of Failure , Weinzimmer and McConoughey have distilled the key factors that are most likely to push every one of us off track, and outlined the practices that leaders, teams, and entire organizations can use to navigate around those hazards. If you arent pushing yourself to the point where failure is a possibility, you are not coming close to your potential as a leader. But in todays times, where acceleration is the new normal, youll need this book as your guide.

Eric McNulty , editor, Harvard School of Public Health; coauthor, Youre It! Lessons from Crisis Meta-Leadership

Cover design: Adrian Morgan

Cover art: Shutterstock

Copyright 2013 by Laurence G. Weinzimmer and Jim McConoughey. All rights reserved.

Published by Jossey-Bass

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Library of Congress Cataloging-in-Publication Data

Weinzimmer, Laurence G.
The wisdom of failure : how to learn the tough leadership lessons without paying the price / Laurence G. Weinzimmer, Jim McConoughey. -- 1st ed.
p. cm.
Includes bibliographical references and index.
ISBN 978-1-118-13501-3 (cloth), ISBN 978-1-118-22529-5 (pdf),
ISBN 978-1-118-23872-1 (epub), ISBN 978-1-118-26333-4 (emobi)
1. Leadership. 2. Success in business. 3. Business failures. I. McConoughey, Jim, 1961 II. Title.
HD57.7.W4513 2013
658.4'092--dc23
2012027907

ONE

Flawless Leadership

Learning the Lessons Without Paying the Price

He was lauded as one of Americas greatest business leaders after he transformed a small, unremarkable regional company into one of the nations most prominent organizations. Under his leadership, his company became a Wall Street superstar. He became one of the highest paid CEOs in the United States. He owned lavish homes across the country. In February 2001, Fortune magazines ranking of Americas most admired companies listed his company as number one for innovativeness and number two for quality of management. Moreover, Fortune rated his company as Americas Most Innovative Company for six consecutive years. He became personal friends with the president of the United States and was an advisor to world leaders.

What added to his aura was his rags-to-riches story. He became the poster child for living the American dream. He had a less than modest childhood, growing up in poverty. Even though his father worked multiple jobs, the family did not have running water in their house. He, too, had to work multiple jobs to help his family surviveeven though he was just a child. But he always dreamed of having a better life. He once told a reporter that spending hours performing manual labor gave him time to think about that life, about how he would get into business rather than create a future similar to his past.