Today's business world is fast-paced and innovative. The principles of failure early, failure fast, and failure cheap are critical for successful entrepreneurs and companies. The principles also say to continuously improve. This approach is also known as “Fail Early, Fail Fast, Fail Cheap, Fail Better.” It encourages bold experiments, quick action, learning from mistakes, and continuous improvement.
I recently attended a workshop with Dr. Uve Samuels, an Exponential Pioneer who introduced us to the world of prototyping. Dr. Samuels encourages thinking and acting big, even exponentially. This mindset is crucial to developing innovative solutions and succeeding in a competitive market.
Prototyping and failing fast are central. They involve many tests and experiments. The goal is to find what users really value, enjoy, and find helpful. Questions about the needs of the target group and the feasibility of ideas are crucial.
Sebastian Schulz introduced a crucial idea in the second season of CreateF—The Female Founders Show. He said, “If your first product doesn't embarrass you, you're too slow to market.” This idea stresses the need to go to market with new ideas and early prototypes, even if they still need to be fully developed.
Failure, testing, and trial and error are integral parts of starting a business. It is crucial not to be discouraged by setbacks but to see them as learning opportunities that ultimately take you further. Every failure harbours the potential to improve and continuously optimise your products and services.
My question to you now is: when have you taken the plunge and launched “too early” or “unfinished”? When did you end up being grateful that you took on the challenge? Share your experiences and insights. Only by sharing knowledge and expertise can we grow and succeed.
