STELIOS HAJI-IOANNOU'S LESSON SUMMARISED:

1. We need to learn to celebrate success and tolerate failure in order to create a more dynamic economy.

2. Instinct can be just as important as data and spreadsheets when it comes to making a truly innovative decision or taking a business risk.

3. Throughout your career you will stumble across hurdles you had not anticipated, so be willing to change direction from your original plan.

4. The entrepreneur is capable of taking risks that a normal corporation cannot take, resulting in a more innovative and forward-thinking business.

5. Taking risks can be a positive step - although you must prepare a plan B and be ready to accept it as a fallback position that won’t ruin you if the risk goes wrong.

More video lessons by Stelios Haji-Ionnou can be found at Fifty Lessons and cwerty (registration required). Harvard Business School Press and Fifty Lessons have teamed up to produce three books based on the lessons; Managing your Career; Managing Change and Leading by Example

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