Iterate

What is defeat? Nothing but education; nothing but the first steps to something better.” — Wendell Phillips

In the old business model, companies, based on some research, were preparing finished, polished products and on launch day was when they received their first feedback. If the product didn’t meet expectations, the companies lost all the time and resources they invested.

Nowadays the Minimum Viable Product (MVP) business model dominates. The MVP is the most basic version of the core product idea, that many startups release. They then wait for the customers’ feedback. If the feedback is poor, in this stage, it is much cheaper to fail and do a pivot. This strategy is close to the idea of taking failure as a good thing.

A failure can be an advantage if you use it to try to improve, to look for different ways to do something, or to learn something. There is nothing shameful about being wrong, by failure you become stronger. Action and failure are two sides of the same coin.

In business, we take failures less personally than in private life. We understand that they are part of the business. It is good to start thinking in this way in your personal life.

The only case in which we don’t benefit from failure is when we don’t draw conclusions from it.

Actions to take

Iterate.

Mindset

Principles to follow

Iterate.

Motivation