In Silicon Valley, tech companies don’t launch with a complete and polished product.
Instead they start with a “Minimum Viable Product” (MVP).
The MVP is a stripped down, most basic version of their service with only the bare essentials.
The goal is to immediately see how their customers respond.
If the response is good then they continue work, if not, then they’ll be able to fail cheaply and quickly.
The theory is it’s much better to anticipate failure and plan for it than to put in a ton of work, time, money and energy and then find out everything was a waste.
As business owners we need to look at failure as a part of the business process.
Maybe that Facebook ad campaign didn’t bring you in any leads.
Or you ignored a bunch of red flags from a prospect and they ended up being a nightmare client.
Or maybe you tried changing one of your services and it ended up losing you money.
Whatever your failure is, it doesn’t matter that it didn’t work out.
What matters is that you learn and improve from it.
The Takeaway: As business owners we need to know that failures are a blessing in disguise. The world is telling you something from each and every failure – successful businesses look at failures as opportunities.