Learning from failure in the context of business rescue

Abstract

Understanding learning from failure in the context of business rescue will provide both the manager and the business rescue practitioner with insight in to how to maximise learning and thereby decrease the possibility of similar failures in the future.This study aims to explore the extent to which learning from failure can be better understood in the context of business rescue with relevance to how the learning from failure differs based on each stage of the business rescue process.A two phased qualitative approach based on grounded theory was utilised where interviews with business managers were conducted followed by interviews with business rescue practitioners. As a result of the inductive approach followed, a model was created relative to how learning from failure can be enabled.The research established that learning from failure does take place and that it is influenced by a number of factors. To this end the research resulted in the creation of a Preconditions to Learning Model, which can be used in future business rescue work to ascertain if learning from failure can be enabled given the existence of the preconditions.