Let's face it - while all of us might focus on the skeletons in our closets, we should instead focus on our spirits of inspiration. And yet, people have been conditioned to fear failure because of the potential for closeted skeletons - with the result that when things go wrong, they take on a lot of self-imposed grief. When we fear failure, we don't take on risk - and risk is at the essence of all innovation. Innovation is critical for moving forward into the future. The result? Fear of failure is at the root of the inability of many people to align themselves with tomorrow!
I see this issue all around me as I speak to various industries and organizations; it's certainly a message we can find in many surveys around innovation and leadership; I was just reminded of this while undertaking research for an upcoming keynote in the financial services sector, coming across this gem:
According to US-based employee recognition company O C Tanner's 2022 Global Culture Report, fear of failure is dissuading a significant number of banking professionals from making important decisions for their firms.
The report said that up to 60 percent of banking professionals are averse to making critical decisions for their firms because of the fear of failure. Out of the 35 industry sectors that were covered in the survey, banking professionals were found to be the 18th most fearful of failure. This in turn leads to lost opportunities in diversifying and innovating business activities.
O C Tanner survey says fear of failure is affecting banking professionals’ decision making
27 May 2022, Global Banking News
The message is clear - fear of failure holds back innovative thinking! Contrast that with the insight in this other survey:
When it comes to failure, Gen Z is not afraid to embrace it. In fact, more than 80 percent of Gen Z think that embracing failure on a project will help them to be more innovative and 17 percent believe that it will make them more comfortable to take on new risks, according to a recent survey of 1,400 Gen Z individuals at the 22nd EY annual International Intern Leadership Conference this summer.
Designed to gauge Gen Z's sentiment around the future of work as they enter the workforce, the EY survey found that this generation is eager for innovation and accepts that failure will likely be a part of the process.
Failure Drives Innovation, According to EY Survey on Gen Z
18 September 2018, PR Newswire
What leads to such different results? One thing is clear - the leadership style in place! Going back to the first survey:
The report indicated that fear of failure is most prevalent in firms that practice the so-called 'old school' leadership practices where the leadership team makes decisions for others to follow. Conversely, fear of failure is less in organisations in which employees are trusted to take risks and learn from every experience. In such firms, leaders model the right behaviours around failure.
O C Tanner survey says fear of failure is affecting banking professionals’ decision making
27 May 2022, Global Banking News
In other words, the old command-and-control, hierarchical style of leadership practiced by many baby boomers is a clear culprit. On the other hand, we all know younger generations expect to be organized and managed differently:
"With the next generation of our workforce not afraid to fail in order to grow and innovate, organizations should create an environment that allows them to bring their ideas forward, fail fast, and then learn from that failure," said Natasha Stough, EY Americas Campus Recruiting Leader. "At EY, this means embracing values like inclusiveness, collaboration, openness and flexibility that best attract these candidates and encourage them to be fearless innovators once they join us."
For Gen Z in particular, having the right mindset is key to succeeding in the workplace. In fact, more than two-thirds (70 percent) believe it is more important to be seen as having a curious and open mindset than a specific skill or expertise. Moreover, Gen Z is not afraid to venture outside of their comfort zone when presented with a new challenge -- with about a quarter (24 percent) being excited and honored for the opportunity.
Gen Z is also not afraid to make mistakes, especially when they are able to learn from them. Largely all of Gen Z (97 percent) is receptive to receiving feedback on an ongoing basis or after completing a large project or task, and 63 percent of respondents prefer to receive timely constructive feedback throughout the year.
Failure Drives Innovation, According to EY Survey on Gen Z
18 September 2018, PR Newswire
This is powerful stuff.
So what happens when fear of failure rules the agenda? People freeze up. They start saying no when asked to do something new. They fail to meet deadlines because they chase elusive perfectionism. They avoid talking about how to avoid failure or mistakes, engendering a  culture that encourages more of them. They procrastinate because the thought of taking something on that might fail scares them. They get bogged down in the small details as a way of avoiding the big effort necessary to get to the finish line. They fear what people will think of them if they fail. They live a life of a self-fulfilling prophecy because their caution doesn't allow the to learn from past mistakes.
Those who practice the art of building upon previous failure act differently - they are laser-focused on success despite the risk of failure and keep trying till they get it right. They've learned from previous mistakes which gives them a guidepost for future projects. Failure is an experience to be learned, not a practice to be avoided. they develop tenacity and resilience in the face of long odds.
With all this in mind, that's why a willingness to admit to and acknowledge your mistakes is a powerful first step. It's only by looking back on what you have learned - right or wrong - that you can move forward.
Futurist Jim Carroll believes that it is better to build success on a foundation of mistakes than to chase success based on the illusion of perfection.