For their book, “The Wisdom of Failure,” authors Laurence Weinzimmer and Jim McConoughey interviewed 1,000 managers and leaders on one of my favorite topics: failure. The results comprise a fascinating volume on the benefits of blunders.

Here are some insights from their book.

What can understanding failure teach both seasoned and aspiring leaders that they can’t learn only by modeling success?

While studying success provides valuable lessons during good times, often these lessons aren’t applicable in hard times. The road isn’t always smooth and the sky isn’t always blue. When challenges present themselves, lessons gleaned from previous failures can help leaders avoid making the same mistake twice or making the wrong decisions.

Making mistakes — or failing — are part of taking healthy risk. They provide us with new ways of thinking and give us new insights into how we can improve as leaders.

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