Should you be happy when your new product or business ideas fail? Absolutely not because your goal is to be successful with every idea. But this is not the right question to be asking yourself.
Should you accept it if your new product or business ideas fail? The answer is a 100% yes for two main reasons.
The first reason is that you want to find out if your idea is a failure as soon as possible. The sooner the better so you can move on and discover the right idea. You don’t want to spend months, years, money and effort chasing the wrong idea. If you are a small or medium sized business, the cost in time and money could be a huge setback or worse.
The second reason is that you should be learning enough from the failures to guarantee future success. A new product or business idea is really just an experiment. When you rule out the ways that don’t work, what’s left over are the ways that do work. If you follow a proper innovation research process you will typically test 5 ideas to find one that generates big success. That’s because you have learned so much about customer needs the 4 times you didn’t hit the mark, that the 5th time your product is spot on.
Failure isn’t about jumping from bad idea to bad idea. Failure is about honestly testing your idea with real customers, learning how to meet their needs better and then adjusting and improving upon your original idea. You want to become “the expert” about how to fulfill your customers’ needs, not blindly committed to your original idea.
When failure happens, celebrate it and move on. Be happy you discovered what wasn’t working so you can spend more time discovering what will work.