Right It: Why So Many Ideas Fail and How to Make Sure Yours Succeed

Format: Hardback
Length: 272 pages
Publication date: 04 April 2019
Publisher: HarperCollins Publishers Inc

The Law of Market Failure: A harsh reality

In the realm of innovation and entrepreneurship, a sobering truth emerges: the majority of new products will inevitably fail in the market, even when executed with utmost competence. This harsh reality is a testament to the complexities and unpredictabilities of the business world.

Drawing from his extensive experience at Google, his remarkable success as an entrepreneur, and insights from his lectures at Stanford University and Google, Alberto Savoia has authored "The Right It: An Unparalleled Approach to Beating Market Failure." In this comprehensive guide, he offers a unique perspective on navigating the treacherous waters of market failure.

Millions of individuals worldwide are tirelessly pursuing their dreams, nurturing new ideas that hold the potential to transform our world and culture. Some of these ideas will emerge as breathtaking successes, leaving an indelible mark on society: the next Google, the next groundbreaking medical breakthrough, the next literary masterpiece, the next humanitarian organization, or the next iconic automotive model. These visionary ventures will undoubtedly reshape our future and inspire generations to come.

However, alongside these remarkable successes, a parallel group of individuals is diligently working to bring forth new ideas that, when launched, will face the grim reality of failure. Some of these failures will be spectacular and widely publicized, reminiscent of New Coke, the flop movie "John Carter," or the Ford Edsel. Others will be more modest, occurring behind closed doors, but no less painful: a home-based business that fails to take off, a children's book that fails to capture publishers' or children's interest, or a charity for a cause that lacks sufficient support.

If you are currently engaged in the process of developing a new idea, whether as an individual or part of a team, which group do you belong to? Many individuals hold the belief that they either are or will be in the first group, the group whose ideas will flourish and succeed. They assume that all they need to do is work tirelessly and execute flawlessly. Regrettably, this assumption is misleading. The law of market failure serves as a stark reminder that up to 90 percent of new products will fail in the market, regardless of the level of expertise and dedication invested.

Understanding the law of market failure is crucial for innovators and entrepreneurs. It forces us to confront the harsh reality that success is not guaranteed, and failure is a natural part of the journey. Rather than being discouraged by this knowledge, it should serve as a motivator to persevere, adapt, and learn from our failures. By embracing a growth mindset and continuously seeking feedback and improvement, we can increase our chances of success and make a meaningful impact on the world.

In conclusion, the law of market failure is a harsh reality that we must acknowledge and navigate. While the path to success is paved with challenges and uncertainties, it is by embracing failure as an opportunity for growth and learning that we can truly achieve our goals and make a lasting impact on the world. By working diligently, adapting to feedback, and maintaining a resilient mindset, we can overcome the odds and bring forth new ideas that will shape our future for the better.

Weight: 358g
Dimension: 216 x 147 x 24 (mm)
ISBN-13: 9780062884657