Chapter
The Importance of Product Iteration and Failure Acceptance in Entrepreneurship
35:08 - 41:42 (06:33)
Success is not about having a perfect, foolproof idea the first time around, but instead, it's about constantly iterating on weaker ideas and learning from feedback. The most successful entrepreneurs are those who are equipped and engaged in the change from something that's not working to something that is, rather than sticking with ideas for too long due to ego or other factors.
Clips
Pivoting is important in business because failure is inevitable and entrepreneurs must be equipped and engaged to make changes to their ideas when needed before running out of money.
35:08 - 37:56 (02:47)
Summary
Pivoting is important in business because failure is inevitable and entrepreneurs must be equipped and engaged to make changes to their ideas when needed before running out of money. Recognizing biases and the ability to test the integrity of an idea are crucial traits necessary for successful businesses.
ChapterThe Importance of Product Iteration and Failure Acceptance in Entrepreneurship
Episode#369: Kevin Systrom — Tactics, Books, and the Path to a Billion Users
PodcastThe Tim Ferriss Show
The idea that successful people have a "Mightest Touch" and every idea of theirs is perfect is a myth.
37:56 - 40:07 (02:11)
Summary
The idea that successful people have a "Mightest Touch" and every idea of theirs is perfect is a myth. It's about generating a ton of ideas, editing them out and figuring out the one that's right by proving yourself wrong and gathering feedback.
ChapterThe Importance of Product Iteration and Failure Acceptance in Entrepreneurship
Episode#369: Kevin Systrom — Tactics, Books, and the Path to a Billion Users
PodcastThe Tim Ferriss Show
The author is more worried about being wrong than looking bad.
40:07 - 41:42 (01:34)
Summary
The author is more worried about being wrong than looking bad.