Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

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Continuing to grow and innovate means taking risks, which naturally involves making mistakes. But mistakes don’t mean a leader should discourage experimentation.

o Rather, leaders should encourage people to take time to understand why mistakes happened in order to minimize them in the future.

o Trace previous mistakes back to their roots to identify the causes and what can be done differently next time.

o Use role-playing exercises, debates, or even formal business war games to think through how a new strategy might play out differently.

o Try to look at things from a competitor’s point of view to factor in a new perspective.

Mistakes are inevitable and can be costly, so don’t waste them — learn from them.

Adapted from “Don’t Let Your Mistakes Go to Waste,” by Mark Chussil.

To check out that HBR article and join the discussion, please click here.

Also, you may wish to check out an anthology, Management Tips from Harvard Business Review, by clicking here.