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Embrace failure

Embrace failure

One of the many reasons we don’t innovate is the fear of failure. What if you could celebrate your failures?

Failure is a part of innovation. I know how to fail, but then I get wiser and become a better business person each time I experience failure. Now I call them experiments, not failure.

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Companies must spend enough time on insight generation, insights activation (sharing and acting on customer/market, the understanding gained from research) in marketing, R&D and innovation platforms so it can constantly respond to market opportunities and unexpected threats.

Admitting to mistakes and learning from them will translate into deeper insights for your business and markets. Having employees and co-workers talk about failure in previous/current projects can spark innovation in a way that success cannot.

Employees need to feel like they belong. Instil a sense of ownership.

Challenge what is normal. Market research before getting into business is created, but what if you could create a whole new market because you showed up?

You focus on the need, not the product. You become immersed in the minds of your customers, looking for ways to expand demand. Your business strategy is driven by the marketplace. Do you know the difference between what you make and what people need?

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