It’s an issue that plagues every entrepreneur: failure. Whether it be failure of a product, failure of a team, or failure of the entire company, it’s a real concern until the day a company starts producing spectacular results.
But those who have reached that level of success understand failure is natural part of the process.
Sergey Brin, co-founder of Google, is a leading expert in online search and media, computer scientist and entrepreneur. In this week’s video, Brin explains that the challenge in forging a new business shouldn’t be related to how likely you are to achieve your goal. Instead, it should be just as much about the side effects on the path to the right solution. Those insights are just as rewarding or significant, if not more so.
Google Glass is a product that had quite a journey ridden with failures, he recounts. They pushed to have a new iteration of the product every month, which goes without saying, produced many failures. But with each iteration, they learned something new.
He does offer a disclaimer that pushing your team to produce results at that pace can be detrimental (engineers not having time to produce a proper design, more errors produced, etc.). However, throwing millions of dollars towards a project with years of work won’t exactly maximize results either.
Instead, Brin offers this advice: Fail quickly; learn to start a new cycle as soon as you fail. If Google embraces failure, why don't you? You’ll see more results this way. Watch the full video below to hear the full discussion!