Does Failing Fast work in Entrepreneurship

Does Failing Fast work in Entrepreneurship…

Last week I was talking with an Entrepreneur telling me they are verifying the strategy of the product and they opted for it to fail fast to learn. Fail fast to learn and correct your strategy.

The concept is not new, but then people always talk about it to cover their failures. There they always keep failing fast on the trajectory of learning. That learning doesn’t finish, and it takes the firm to dust. Investor money is wasted and in the end, everything gets sour.

This happens in every Silicon Valley, from Palo Alto to Ottawa and Dubai internet city to Electronic city at Bangalore.

What is wrong with failing fast and how to correct it…

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Failing fast process is with a Small Sample of users

Let’s assume we are testing ourselves with the product and its sales communication. We believe in our personas and try to please this persona by every means. I am not taking away the persona strategy for sales and marketing. But then I have an issue with persona strategy for product development.

Either you talk to early adopters and get messed up or correct strategy to solve a problem.

Imagine you building a digitization SaaS product to implement easier supply chain management. Think that you talking to an SAP or Oracle user. A user who in life has always worked on creating partners, POs, approval or POs, and rudimentary par stock management.

It will be tougher to please this persona, he will not understand AI doing his work and there is intelligence in the system rather persona does multiple zoom calls to get approvals.

Now, how you will feel to fail here. Is it logical to fail and think your strategy of SnC digitization is not right? It is not about the wrong persona, it is also about getting the right mindset too.

Experimenting is fine, but not every experiment will lead to radical innovation. Be true to yourself and your strategy, then think about failing fast and dumping your idea.

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Instead of failing, let’s be iterative

We all know iPhone and someone might even carry one day in day out. Try watching the first iPhone launch and it didn’t have MMS, apps, copy & paste, and push email features.

It had great photographic features; it had a great app store, it even had a great touch screen and great music player.

That didn’t stop iPhone to launch and launch with what they have.

Apple stood up high on trust and delivery. At the launch of iOS2, they delivered all features.

That is called the iterative and continuous process of improving, then getting the product correct by failing. Don’t fail; build an iterative process with a great trust building mechanism.

Believe in your MVP:

This is no new too; we talk minimum viable product in many products building strategy. Lean product development even tells you to work on MVP and try delivering as quickly as possible.

MVP is about understanding your customers’ interest in your product without making it available. The sooner you know the interest area, the better your product strategy will workaround.

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Try being a process expert

If you are trying to build Fintech, then choose to make a partner who worked a decade to talk about it. If you are making a Retail solution, then make sure you have someone helping you with the process of it.

Getting an expert will get your problem areas soon, which will help you learn the process and practice faster than figuring out with failing faster, personas and MCP.

It will take you in the right direction of making a great product and process.

No one choice is great and not everything is right in every way. You need to be somewhere with some strategy and I believe in your entrepreneurship rush.

You will be right, every way. Wishing you all luck.

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9 thoughts on “Does Failing Fast work in Entrepreneurship…”

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