Fail fast isn’t about the big issues, it’s about the little ones. It’s an approach to running a company or developing a product that embraces lots of little experiments with the idea that some will work and grow and others will fail and die.
“As entrepreneurs, we’re all familiar with the phrase “fail fast,” but what does that really mean? And how do you put it into practice? In addition, what is a “pivot;” can it be done without abandoning everything and starting over?”
“Failure can take many forms. It could be a feature, it could be product-market fit, it could be the business model, the choice of a cofounder, a hire, or the whole idea of starting a business in the first place. Fail fast does not apply to all of these categories. Let’s break it out.”
“Let me start with the things that fail fast does not apply to. If you do a lot of market research, are passionate about an idea, start a business with your best friend, work at it for a time, but struggle to get the business off the ground, does that mean you should fail fast and shut the business down? Of course not. Most of the world’s biggest businesses stumbled around for a while before finding the right formula to take off. As the CEO of a very successful company once told me, “It took me 10 years to become an overnight success.”