Failure Management & Success Management

CHAPTER 01

How entrepreneurs can benefit from failure management ∙∙∙ Junesoo Lee, Paul Miesing

BENEFITING FROM BUSINESS FAILURES 1
Why We Learn from Failure _2
How We Learn from Failure _3
What We Learn from Failure—A Retrospective View _4
How We Use Failure—A Prospective View _5
TOWARD FAILURE MANAGEMENT 6
A FRAMEWORK FOR FAILURE MANAGEMENT 8
Definitions and Concepts _8
Propositions _10
FAILURE MANAGEMENT VS. OTHER MANAGEMENT TOOLS 22
CONCLUSION 23
SELECTED BIBLIOGRAPHY _25
Appendix A. Failure management propositions 28
Appendix B. Risk, crisis, and failure/success _29

CHAPTER 02

Making hindsight foresight: Strategies and preparedness of
failure management ∙∙∙ Junesoo Lee

INTRODUCTION OF FAILURE MANAGEMENT 31
ABOVE AND BEYOND FAILURE MANAGEMENT 32
Q1. WHAT STRATEGIES CAN WE CREATE TO USE FAILURE
RETROSPECTIVELY AND PROSPECTIVELY? 34
Factor One: How Do We Respond to Failure? _34
Factor Two: What Opportunities Do We Get from Failure? _35
Spectrum of Retrospective and Prospective Strategies of Failure Management _38
Four Strategic Options for Dealing with Failure _39
Q2. HOW CAN WE ASSESS HOW WELL WE ARE PREPARED TO
USE FAILURE? 44
Five Common Stages for Learning through Failure _45
Factor One: Do We Anticipate Failure in Advance? _46
Factor Two: Are We Aware of the Benefit of Failure in Advance? _47
Three Types of Preparedness of Failure Management _47
Contexts in Which the Three Types of Preparedness are Used _52
FAILURE MANAGEMENT: WORKING WITH A BLESSING IN DISGUISE 54
SELECTED BIBLIOGRAPHY _56

CHAPTER 03

Success management: Dynamic sustainability beyond harms of success ∙∙∙ Junesoo Lee, Seung-Joo Lee

SUCCESS, AN IMPEDIMENT TO SUSTAINABLE MANAGEMENT 59
HARMS OF SUCCESS I: INTERNAL DECISION-MAKING BIAS 60
Cognition _61
Aiming _63
Reasoning, Attribution _64
Internal Network _66
Investment _68
HARMS OF SUCCESS II: EXTERNAL BACKFIRE 71
Customers _71
Intermediaries (suppliers, partners) _72
The General Public _73
Adversaries (regulators, competitors) _74
TOWARD REMEDYING THE HARMS OF SUCCESS 75
Organization-based Objectives of SM _76
NOUNS of Organization-based Management : Strategy and Validation (S&V) _77
ADJECTIVES of Organization-based Management : Characteristics/Directions of S&V _78
SUCCESS MANAGEMENT THROUGH FAILURE MANAGEMENT 88
SELECTED BIBLIOGRAPHY _91

CHAPTER 04

Balanced SWOT: Revisiting SWOT analysis through failure management and success management ∙∙∙ Junesoo Lee, Seung-Joo Lee, Kwon Jung

REVISITING SWOT ANALYSIS 93
FAILURE MANAGEMENT & SUCCESS MANAGEMENT 95
Failure Management (FM) _96
Success Management (SM) _99
MAKING SWOT ANALYSIS BALANCED THROUGH FM & SM 102
FAILURE MANAGEMENT & BALANCED SWOT ANALYSIS 103
Dealing with the Positive Impacts of Failure _103
Case 1: iPhone 4S _105
Case 2: Post-it Notes _106
Case 3: Space Race _107
Case 4: Judo Management _109
SUCCESS MANAGEMENT & BALANCED SWOT ANALYSIS 111
Dealing with the Negative Impacts of Success _111
Case 1: CVS _112
Case 2: Tesla _113
Case 3: Costco _115
Case 4: Winston Churchill _116
BALANCED SWOT ANALYSIS FOR WINDOW OF OPPORTUNITY 118
SELECTED BIBLIOGRAPHY 120

Epilogue in the era of COVID-19 _121
Index _125