Effective creative executives use this simple formula for success

People who don’t take risks generally make about two big mistakes a year.

— Peter Drucker

“Innovative efforts do not carry certainty,” Peter Drucker wrote. “They have a high probability of failure and an even higher one of delay. A company therefore should have underway at least three times the innovative efforts that, if successful, would meet its future needs.”

FOR 2017

If your innovation “batting average” (the share of all innovations that succeeded) is higher than about 1/3, your team is not taking enough risks, and is probably playing things too safe.

For 2017, what can you do to ensure that your team’s innovation batting average isn’t too low—or too high?