Measuring Failure is the Secret of Success

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June 23, 2014 by b2bwest

 

 

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A little known secret behind the business success stories that hit the headlines is that most of the time, businesses didn’t just stumble on the right solution until after they had gone down a few other wrong paths.

With new ideas, it is necessary to travel many paths. There is no compass or road map for true innovation, just a few rules to stick to in order to make the journey a learning experience. It is key to quickly figure out what works and what does not through a pre-designed review process. This means that you have to disregard a lot of ideas and projects that you ‘like’, but may not be right for your target market.

Killing projects might demoralise people, but taking the learnings and adapting those learnings to continuing the innovation, or business idea, will keep enthusiasm going and demonstrate that ‘failure’ is part of the success process.

Don’t just address projects with the concept of  ‘fail fast, fail cheap, fail often’, but direct  the team energy towards learning, communicating and reviewing in order make the most of the effort expended, then adapt quickly to change.

The best way to keep momentum and positive energy is to plan for change, gather learning, and keep moving forward. It is important to instil this from the outset and to get everyone into the right state of mind in accepting that it is more important to try and fail, than not to try at all.

 

Good luck with your Ventures!

 

T

 

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