Learning by doing has been the core philosophy of my alma mater. We learn better when we do. It is also a chance to learning about ourselves because the process of doing will uncover our strenghts and weaknessess. If we only accumulate knowledge for applying or doing it later, we are actually postpoing the real learning, because while doing we will uncover many things. If we fail fast, we can recover fast.
This philosophy also drives our actions so that we accomplish what is required, rather than spending too much time analysing/learning concepts that are not required at the moment. Sometimes, we need to accomplish tasks, we need to cover more breadth than depth. Learning by doing, will give a chance to examine our life more importantly our ability to do/accomplish something and give a chance to realise pain points early on.
Ultimately, in achiveing something, realizing why and where we fail, will give us plan of action that is tailored for us. Because not everyone is made the same, and tailored plan of action will have high chance of leading to success.