Return to site

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.

All Posts

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OKSubscriptions powered by Strikingly