Remember the first time you tried to ride a bike? Did you fail in the attempt? Chances are that after a few falls you figured out where you were going wrong, got back on the bike, learnt from your mistakes and eventually succeeded. So, we learn from failure. Hardly surprising really.
Companies also learn from their mistakes. Business history is littered with the corpses of failed products and failed businesses. For example, Facebook has launched numerous features that have failed to grab user attention. One such example, Facebook Lite, may not have succeeded, but the lessons the company learnt from the failed experiment did help influence the site’s current design.
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