Every single business in the world experiences failure to some degree. Companies worth billions fail every single day. Look no further than Microsoft. It is currently worth $753 billion and has made numerous failed products since its inception in 1975. In the past, it bombed with Windows ME, an operating system with more holes than swiss cheese. In 2017, it officially announced it was pulling the plug on the Windows phone.

The point is, not every idea is going to work out flawlessly. Products will fail, accidents will happen, and failure will strike every once in a while. But if you want to innovate properly you must not only expect but also embrace failure. When it does happen to you, think about smart questions like why it happened instead of frantically wondering what you did wrong. A detailed postmortem of a failed idea or product usually has a valuable takeaway you can apply when creating future products.
 

Published on: Apr 21, 2019