1

Class Participation Assignment - 01

Submitted to:
Shabnin Rahman Shorna (SRS2)
Department of Management
North South University
Course: MGT 368
Section: 17

Submitted by:
Md. Al Amin
Id: 1712559030

Submission Date: 3rd November 2020

 2

There is no learning without failing, and there is no success without setbacks.

Explain and relate your ideas and opinions based on the article given here.

https://hbr-org.cdn.ampproject.org/c/s/hbr.org/amp/2017/11/how-coca-cola-

netflix-and-amazon-learn-from-failure

Answer:

Most of the entrepreneurs agreed in this article that “There is no learning without failing, there
are no successes without setbacks.” For all, this is maybe the most important lesson in their life.
If we are not failing then we may not know how was the feeling of falling down and for this
reason, we also don’t know how to react to it. Amazon CEO Jeff Bezos said that the success of
his business is based on its failures. He also said that “If you’re going to take bold bets, they’re
going to be experiments.” Later he clarified that if we are going to try there is a risk at the same
moment of having success and failure. Then why are we scared to take a chance? Most important
thing is that if we're not ready to fail; we're not ready to learn. This is a lesson for those who
wish to think out of the box. In this article, Doyle described two great challenges. The first
challenge is “omission bias” - most of the people with a new idea tend not to follow the idea
because if they try and it doesn’t work, the setback might damage their career. The second
challenge is “loss aversion” - the tendency for people to play not to lose rather than play to win.

From my recent personal experience, I have a small business of restaurant. In this pandemic
situation, I faced a big loss. As a result, I failed to maintain my business, and also there is a huge
family pressure to stop the business. Sometimes I thought that I couldn’t continue my business.
But this failure taught me to take the risk. I took that risk and started my business through the
social media platform. And after passing three months in social media it helped me a lot to
reduce my loss. Nowadays I add extra some features to my online restaurant business which
gives me extra profit. So, taking risk saves me a lot and also gives me extra profit. I think this
case is more relatable with “Failure is an option” which is already told by Doyle in this article
and more relatable with “There is no learning without failing, there are no successes without
setbacks.”
3