Ask any founder, business owner or entrepreneur for some advice around starting a business and nine times out of ten the term “Fail Fast” comes up.
But what exactly does it mean?
Two years ago, before joining the Sprout Family I really struggled to understand this.
Now I feel I'm just starting to understand that ‘Fail Fast’ actually means ‘Learn Faster’.
We at Sprout have certainly hit some speed humps that have challenged us over the last couple of years. If anything they have helped us grow and have shaped where we are today, which is in a stronger position and better equipped to support our clients.
Here are some of my takes on “Fail Learn Fast”
Success is failure turned inside out
It’s not actually about failing. It’s about learning and recognising when something is not working as well as you anticipated and finding another way of doing it.
Every single business out there has had to reactively change something at some point. Some changes are big, others are tiny tweaks, but it’s unrealistic to think that in five years’ time your business is going to be operating exactly as it is today.
This is not just exclusive to emerging businesses either. Well established organisations are constantly looking for ways to reinvent themselves to become stronger and more sustainable.
Fail Learn in time
Don’t wait too long to make a change -- if something isn’t working, act on it sooner rather than later. There are many businesses who have made this mistake and by the time they’ve recognised the need to make a change, they are beyond the point of no return.
Without problems we wouldn’t grow
Problems keep us on our toes, and our toes help us to pivot and remain agile (figuratively speaking). Every challenge we face and overcome is an opportunity to learn and grow.
Never let Success get to your head. Never let failure get to your heart.
When you start to reach your goals, remember where you came from. Reach out and help others on that path to success, based on everything you’ve learnt.
If things don’t work out as you planned, don’t take it personally. Keep looking ahead, keep focusing on your end goal and find another way to get there.
Choose who you’re on the rollercoaster with!
What is true about any new business, especially a business in a new industry, is that you are going to make mistakes along the way. One thing you should do is choose your business partners, mentors and support crew very carefully.
Ensuring you have the right people around you to carry you through the learning phase is essential to reaching your goals and more importantly, enjoying the ride!
Connect with Sprout. We would love to help you on your Failing Learning Fast journey.