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Allowing Room for “Failure” within a Business Setting

David Pagoumian

David Pagoumian is a well established property insurance service executive who focuses on strategies of sustained corporate growth. With an awareness of the temporality of life, David Pagoumian has a personal and professional focus on the ways in which being compassionate and learning from mistakes can make a difference.

A Forbes article drew attention to the ways in which the leadership at successful companies often gives employees room to make mistakes. This has an add-on effect in encouraging team members to attempt new ideas and devise new plans, as well as take knowledge from innovative attempts that ended in failure. At the same time, encouraging creativity makes employees feel more involved in ways that can boost productivity and the bottom line.
One aspect of this equation involves setting in place a system in which transparency is a given and communication between departments is robust. Sharing the details of projects that ended less than optimally with everyone helps clarify the overall company vision. It also provides a springboard for new ideas to take root that correct the deficiencies that were identified and lead to outside-the-box successes.

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