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There is a lot of talk about failure in the world of start-ups. Everyone tells you that it’s not going to be easy, that you need to fail a few times, learn from your mistakes and eventually succeed.
But it is all true?
Entrepreneur Success Secret. The assumption: The “fail fast” concept is closely linked with the lean startup methodology, encouraging entrepreneurs to test their hypotheses quickly and cheaply to see what works and what doesn’t. The idea is basically to have lots of micro-failures along the way, in order to avoid failing big time, but is it really the best way to go?
Supporters of the concept argue that with each failure you will learn a valuable lesson, and in the end you either have plenty of useful data on what doesn’t work, or you’ll end up with something that does. It’s true that you’re unlikely to be right about everything (*or anything*) from the get-go, so it’s important to test what doesn’t work and keep on changing until you succeed.
Entrepreneur Success Secret: Test Again
Entrepreneur Success Secret. The reality: It makes sense not to spend years and your life savings on an idea that is doomed. You don’t want to be that guy who buries his head in the sand and stubbornly refuses to accept that he may be wrong. It’s important to accept failure as a possible, and frankly, quite likely outcome, but just how quickly you should label an idea a failure is a completely different matter – while some lucky startups/entrepreneurs might have a great product and find their customers right away, for others it just takes a lot longer to take off.
When moving fast and testing many different variables, there’s a danger of giving up too early. There’s always the off chance that something might turn out to be a great success if you just give it another month or two (or throw just a bit more money at it). Additionally, it’s not always easy to define a failure. Is it a failure if nobody is willing to pay for it?. Is it a failure if you have some paying customers, but not enough to feed you and your team? Maybe, maybe not.
Change (as long as you can do it)
Entrepreneur Success Secret. What to learn fast: On a side note, many people think that it’s wrong to talk (and think) about failing in this context, because it’s a negative concept, that move focus on the wrong logic. When you run a startup you must not fail, that’s simple. The startup process need to proceeds, gathering information, learning and evolving, validating the idea/the market, and change if needed to succeed. So instead to think about fail, let’s think about fast adaptation and change!.
In any case, whether you’re in favour of the idea or not, the fail-fast method is not a guaranteed formula for success. You’ll still need to work hard and invest a great deal of time to make your start-up work.