Why Failing Can Be Hard
If we like it or not, failure is an essential innovation ingredient. It’s impossible to successfully innovate without taking informed risks and making mistakes. YouTube, for example, failed as a video-dating site and succeeded by pivoting to video-sharing site; and Google Glass failed as a consumer product and was recently re-launched as a B2B product. As these examples show, you are bound to make mistakes whenever you try something new: You may discover that some of your ideas and assumptions are wrong or that you have executed them wrongly. As individuals and businesses, we should therefore appreciate failure—product success would otherwise be impossible to achieve. But deep in our hearts, many of us dread failure. Why is that?