Yes, i strongly believe this equation works well. If you ask me how pain with a combination of failure leads to happiness and indirect way success?. My simple answer is as long as you are watching failure means you are on the right track. And moreover combination of failures with pain will definitely will teach you some of the greatest lessons in life. This success equation can be applied to any field in life. It can be technology, sales,management, services, hospitality or any field. You apply this formula , surely , you will say Mr Author , i have seen the happiness with success.
Also the persons who are ready to face pain and failures are the persons who are very strong and tough. They are half way to success when they are ready to accept pain and failures.
If we observe some of the people like Bruce Lee, Mohammad Ali, Jiddu Krishna Murthy, Steve Jobs, Richard Banson, Edison, Einstein, Sachin Tendulkar and any other personality on earth. Their life success path has come clearly from lot of pain and failures.
You take any human being on earth and give your precious time to him and listen to his success story. That person can be your own Parent, teacher or any other random human on earth. If you think that guy is a success guy, just go and talk to him . Ask him what life has thought him/her? I am sure that somewhere in his conversation he will pitch about Pain and Failures with Smiley attitude has taken him/her to success path.