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The Importance of Embracing Failure on the Road to Success

David Pagoumian

Leading a CRC Insurance Services, Inc.’s practice group, David Pagoumian oversees a wide range of team activities that help his firm achieve sales and revenue goals. With a strong interest in organizational transformation, David Pagoumian finds it particularly interesting that failure must be embraced to catalyze change.

A Psychology Today article brought focus to the necessity of myriad failures in achieving success in a business or creative endeavor. In the case of startups, this often involves developing a minimum viable product (MVP) that embodies one or two core features and represents a starting rather than an end point.

The risk-adverse approach runs counter to developing an MVP and relies on extensive market research before determining which product features to integrate. Unfortunately, predictive analytics do not always translate into real-world results, and when avoiding failure is the animus, it is difficult to pivot. When the product does not take off as expected, going back to the drawing board is a major headache, as significant time, cash flow, and effort have been expended.
As a built-in feature, the MVP approach allows room for improvement and changing course once a product or service has been introduced to the market. Failure is embraced on the road toward coming up with completely new concepts that ultimately generate maximum traction.

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