Learning from your mistakes is often the key to success, both in business and in life. But creating a culture that encourages employees to take risks and make mistakes can be difficult, particularly for large companies operating in mature industries.
In the summer issue of Equipment Leasing & Finance Magazine, Susan Hodges talks to industry leaders including Key Equipment Finance's Jennifer Martin about why learning to fail forward - or making mistakes, learning from them, and applying those lessons to future efforts - is vital to the future of the equipment finance industry.
"We're constantly battling angles of risk, and there are a lot of them," said Martin, who is vice president of vendor program development and operational controls at Key Equipment Finance. "We spend so much time trying to prevent failure in our businesses that it's easy to lose sight of the fact that to make real progress and move our businesses forward, we have to take risks."
Leaders at equipment finance companies see risk-taking as vital to the future of the industry, particularly in terms of innovation, technology adoption and culture. Martin believes it is particularly important to encourage young professionals to take risks they can learn from.
"As leaders, we need to provide opportunities for emerging talent," she said. "After all, they're the ones who will take us forward. Let them learn from their mistakes - and keep them moving to the next opportunity."
In the article, Martin and her colleagues also share their thoughts on the risks of not taking chances, as well as processes for reducing risk and turning possible failures into successes for equipment finance companies. Click here to read the full story in Equipment Leasing & Finance.