Rahul Subramaniam

expert panel

While failure does come with significant downsides, actively encouraging employees to take risks can be worthwhile. “Failure” has a complex meaning in business. On one hand, failure can mean unimaginable loss ranging from the waste of limited resources to the loss of one’s livelihood completely. On the other hand, failure can also be a harbinger for great personal and professional growth.  No matter how one feels about failure, the truth of the matter is that business is all about leveraging the lessons that come out of failure to innovate. Taking risks, building on failure and encouraging your employees to do the same is the key to becoming a major player in your market.  As experts, the members of Newsweek Expert Forum have directly experienced the benefits of cultivating a workplace environment that supports experimentation. Below, 15 of them share how leaders can encourage and foster a culture of innovation within their organization.

expert panel

Leveraging data from the past year as well as feedback from employees and customers can give businesses insight into what initiatives to explore next. With the end of 2022 fast approaching, many businesses are already deep into planning for 2023. And while a new year offers a chance to try something new, market instability and the looming threat of a potential recession are increasing the amount of pressure felt by business leaders. Luckily, they don't always have to start from scratch when it comes to finding fresh ideas. Looking back at the successes and failures of the current year can offer insight into what initiatives would be best to explore or where an organization can pivot if something isn't bringing in the desired results. However, it's also key for businesses to keep a close eye on markets and customers because they too can provide guidance. To offer further insights, 14 Newsweek Expert Forum members share additional tips for business leaders as they continue planning for Q1.

expert panel

Rather than let the idea of change hold them back, business leaders can see change as a way to increase their chances of future success. When a habit shows success, it can be difficult to adopt different practices, even when success is limited or comes at a cost. This is a common occurrence in business when leaders become so dedicated to doing something the way it has always been done that they are unintentionally sabotaging their future success.  Knowing where to start when making changes isn’t easy, but one of the first steps leaders can take is simply committing to the act of making changes for the better. Below, 10 Newsweek Expert Forum members share further advice on what leaders should do to address and break their own bad habits.

expert panel

Each and every challenge brings with it the opportunity to learn and grow as an entrepreneur. When a leader is dealing with an obstacle, thinking of the lasting value of that business challenge isn’t usually what comes to mind in the heat of the moment. However, once a leader has had time to reflect, each and every challenge has the potential to positively impact their organization going forward.  Below, a panel of Newsweek Expert Forum members share specific challenges business owners faced and how leaders can use those experiences as a moment to learn and make lasting changes.