As they say, “You always pass failure on your way to success.” And the same is true when you develop a product!

Last week’s Entrepreneurship 101 speaker, Mr. Steve Carkner, says that companies should treat their failures like gold.  With 25 years of product development experience, he suggests that one should follow the failure to a known root cause and fix it right away, rather than recalling a product that goes to full production.

In last week’s Product Development lecture, Steve took us through the product development process and highlighted the importance of:

  • Communicating the big vision to the whole team
  • Customer requirements
  • The implementation process
  • Managing failure
  • Product revisions

Watch the Quick Hits video from the event below:

To watch the whole lecture, click here.

Resources:

Can’t make it this week? Check out our new live webcasts here.

 

Vijender Trivedi

Vijender is the Manager of Online Content at MaRS. He helps entrepreneurs get the online resources they need to grow their companies by project managing and marketing the Entrepreneur’s Toolkit. See more…