Agility counts, and a smaller developmental team can adjust and iterate faster than a large one.
You need to iterate, shift and evolve your initial product until it resonates with customers.
Though there are cut-and-dried instances when you should quickly and unilaterally give up on your existing product and iterate, other times will be more ambiguous or complicated.
This is where entrepreneurs take the feedback they've received after launching their initial product and make improvements, iterate and/or pivot.
No matter how fast you iterate, it takes time to get the product right. This is true whether your feedback is positive or negative.