Why Failing Fast Can Help Your Business to Succeed

Failing fast is probably the last thing you would want to do. As human beings, we are terrified of making mistakes and losing the game. 

Fail-fast is a philosophy known to entrepreneurs, especially those who are in the software industry. It is also often associated with widely used product development methods (ever heard of Agile, Waterfall, or Lean?)

To fail-fast is to test all the possible approaches and solutions when developing new products or services with less financial risk. As a result, you can avoid the possibility of a larger failure after investing all your time, energy, and money on one project.

But many people are afraid to pursue the fail-fast concept. This could be due to the “sunk cost bias”. In business and economics, sunk cost refers to “any cost that has been paid and cannot be recovered” regardless of the outcome in the future. 

The sunk cost bias is a person’s tendency to continue investing in a losing proposition because of what it has already cost him.  “People may give in to the sunk cost bias because they value their hard work or they don’t want to be wasteful,” says Professor David Jarmolowicz of the University of Kansas in Lawrence. The goal of fail-fast philosophy is to avoid this mindset. 

Fail-fast is not just a philosophy but also a sound methodology that can drive great transformation to your business. And here’s why. 

Pivoting 

Pivoting is common in the world of start-ups. This occurs when a company decides to make a significant change to their business strategy or model because their product is not meeting the needs and requirements of their target buyers. The change is not always drastic, other times it can be mild such as focusing on a new set of target customers or changing the platform (for instance, from app to software or the other way around). That being said, pivoting is still not an easy move for some entrepreneurs. 

People who can’t accept their mistakes and failures may find it hard to swallow the truth – that their business has failed. Negative emotions and pride can get in the way. And instead of pivoting to Plan B, they become depressed and unable to move on to the next action plan.

According to the CB insights’ Top 20 Reasons Startups Fail, the primary reason start-ups don’t succeed is due to the fact that there is no market for their product! In the competitive world of business, whether you are a start-up or not, time is very valuable. The sooner the company realises their failure, the less time, money and effort wasted. 

Failing faster also prompts After-Action Reviews (AAR), allowing people to determine right away what happened and why. This helps the company to address the problem immediately before they realise it’s too late for the big shift. 

Advanced Methodology

Even though it is already 2019, many companies are still using the traditional approach or the “waterfall” project management method. Waterfall is a linear-sequential life cycle model, which consists of several discrete phases and requires you to complete each stage of the model before proceeding to the next phase. 

The Waterfall model is a simple, straight-forward approach. However, because each stage is terminal and dependent on the previous stage, you cannot proceed to the next stage unless the previous one has been successfully completed. In addition, the time of release for large projects is exceptionally lengthy and making changes during product testing can be a real headache, both in time and money. 

Agile method, on the other hand, is iterative, which means the project is done in pieces or “sprints”. These small steps are an ongoing process, allowing constant communication and feedback between developers, testers and customers. The client and the team know exactly what’s been happening in each iteration; Thus, the method reduces risks in the development process.  

The first principle of Agile Manifesto states:

Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.

Therefore, if the company discovers quickly that their customers are not happy with their product they can use that feedback and make quick changes to address the possible problem.  The earlier errors are detected, the faster they are to fix and the lesser the cost of failures will be.

Lean Start-up

Just like Agile, the Lean Start-up is another method that moves away from the traditional approach. Lean was first introduced by Silicon Valley entrepreneur Eric Ries in 2008. His book The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Business is a perfect source to learn all about the Lean Start-up method and its philosophy. 

But how does Lean differ from traditional methods? Traditionally, entrepreneurs are used to creating multi-year business plans and spending a lot of time and money to build products without ever knowing if those products can really meet the customers’ needs and solve their problems. With Lean Start-up, the goal is to launch a simple version of the product (also known as the minimum viable products or MVPs), market this product, evaluate customers’ feedback and adjust the product based on the customers’ feedback (pivoting). 

As you consider building your own minimum viable product, let this simple rule suffice: remove any feature, process, or effort that does not contribute directly to the learning you seek.” (excerpt from Lean Start-up book by Eric Ries)

The method of Lean Start-up can help you determine whether to improve your product and identify your customers’ expectations. By testing and getting customer feedback, it can help you save time and money throughout the process of developing your product. Aside from this, it can help you build customer loyalty in the future, which is essential for the success of your business. 

 

If you cannot fail, you cannot learn. — Eric Ries

Fail-fast is not about focusing on failures but to look at failure differently. Treat your failure as a great opportunity to improve your customer satisfaction and build superior innovations. The goal here is not merely to fail but to fail faster so you can also rise and succeed faster. 

Interested to learn more about how Fail-fast philosophy can help your company? Hear it from our Agile experts at Life Intelligence Group. For more information, visit our website: https://www.lifeintelligencegroup.com.

Do You Know The Three Keys To Becoming Wealthy?

A lot of folks have a dream of becoming wealthy. They imagine themselves finally feeling financially secure. They imagine what it will feel like to never have to worry about money again. And yes, they imagine a few perks, such as fun vacations and nights out on the town.

A lot of these same folks equate “being wealthy” with making money. Or they equate being wealthy with having a big house and a nice car.

But here’s the thing…

Just making a lot of money won’t make you wealthy. And if the bank owns your car and your house – no matter how big and fancy they are – then you aren’t wealthy. You are just another person in debt, living beyond your means.

Being truly wealthy means you accumulate money. It means you grow your money. It means you own your assets (rather than having bank-owned assets with huge payments that leave you struggling every month).

If you want to be THAT kind of wealthy, then take a look at these three keys to wealth. They may be simple, but don’t overlook them because of their simplicity…

Key #1: Making Money

So this is perhaps the most obvious key. In order to start building that savings account, you need to make money. This might be from a job. It might be from a business. It might even be from some combination of a job and business.

But the point is, you need to have a regular source of income coming in. And, most importantly, this regular source of income needs to be more than you need for your basic living expenses. Which brings us to the second key…

Key #2: Saving Money

A lot of folks who start bringing in money act like that money is burning a hole in their pocket. They just have to spend it. And sometimes they end up nickel and diming themselves to death.

For example, a twice-a-day Starbucks coffee and muffin habit can easily end up a couple thousand dollars per year.

Going for a “night out on the town” four or five times a month is another way to slide a lot of money out of your bank account fast.

Or how about some of those bills that you pay without really thinking about, like your cable bill? A lot of people pay well over $100 for hundreds of channels they don’t watch. Those are the types of bills you can easily scale back on without feeling like you’re making a huge sacrifice.

Which brings us to the next point…

Just how much do you have to sacrifice, anyway?

The answer to that depends on how wealthy you want to become, how much you’re currently saving, and how much money you’re currently spending.

But here’s some good news: it’s about balance.

You see, you don’t need to eat cheap 10 cent Top Ramen soup packets for every meal. You don’t need to sell your car and start taking the bus. You don’t need to go live in a box on the street just to save money on the mortgage or the rent.

After all, the future isn’t guaranteed. So it’s not going to do you a whole lot of good if you sacrifice all your life just to die with a few million dollars in the bank.

So what you need to do is get smart about your financial future. And the way to do that is by establishing some goals.

First and foremost, you need to sock away some money for emergencies. Typically, this means putting about six month’s worth of living expenses into an easily accessible savings account. That way if you lose your job, if your business tanks, if you get sick, or if your other regular source of income dries up, you’ll still be okay. You’ll have a six-month cushion.

Secondly, you probably have some short-term savings goal. For example maybe you want to sock away a few thousand dollars for a vacation next year. Or perhaps you have another major purchase coming up, such as some house maintenance or remodeling, a wedding, or some other activity.

In all cases, you need to determine exactly how much money you need, and the date by which you need it. Then you can figure out how much money you’ll need to save each month in order to obtain your goal.

So what about retirement and other long-term savings goals?

Well, you do need to save money each and every month for your retirement. However, you don’t want to just put all this money into a savings account. Instead, what you want to do is invest it to grow it. Which brings us to the third key…

Key #3: Investing Money

The final key to wealth is to put your money to work for you. And that means you need to invest it.

Now, the good news is that there are a lot of different ways to invest your money, so you’re sure to find a balance that suits your needs. Here are some of the more popular ways:

• Stocks.
• Bonds.
• Mutual funds.
• Investing directly in business (your own business or someone else’s business).
• Artwork, antiques, precious metals.
• Real estate.

There are two keys to choosing the right investment for you.

First, you need to assess your own risk tolerance, and then choose investments that best match your risk tolerance. Your risk tolerance depends on factors such as how many years you have to save for a particular goal, as well as how comfortable you are with certain types of investments.

General rule of thumb: investments that come with the potential for a high reward also come with a high amount of risks. And likewise, low-reward investments tend to be less risky.

For example, young people who are saving for retirement may opt for a portfolio with riskier stocks, simply because they have decades to recover if one of their risky stocks suffers. On the other hand, someone who is near retirement age will put their money into much safer investments. Naturally, neither group should put all their money into one type of investment, which brings us to the next point…

Secondly, you need to diversify. Diversifying is a natural way to spread out the risk. You can diversify by putting money into a variety of investments, such as stocks, real estate, business investments and so on. You can also diversify within each specific type of investment. For example, if you’re investing in stocks, then invest in a mix of companies across different industries, some of which are well-established.

Conclusion

So there you have it, the three simple keys to growing your money:

• Make money.
• Save money.
• Grow your money.

Now while these keys seem simple on paper, putting them into practice is a bit trickier. Most people struggle. They have problems bringing in enough extra money to save. Then once they do bring in extra money, they tend to spend it rather than save it. A lot of folks never even give a proper thought to investing.

Since you’ve read this far, I know you’re different. You want to learn more about making money, saving money, and investing money. You want financial security. You want the peace of mind that comes with growing a big nest egg in your bank account.

The good news is you can take a giant step towards your goals starting right now. All you have to do is join today to discover what the world’s best investors know about making, saving and investing money. Join them right now by clicking here: www.cashbiznetwork.com – and do it now, because today is the best time to start planning for the future!

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