What Does It Mean To Fail Fast?

Change is the only constant in the modern business world.

If your business doesn't change with the times, it will quickly be left behind.

But how do you ensure your business keeps pace and maintains a long and profitable life? 

By taking risks and embracing the idea of failing and failing fast. 

"Fail fast" is a key principle in the startup world because it involves businesses experimenting and learning quickly, things that are essential for success. 

By failing quickly, companies can identify and fix problems before they become too big to ignore. This saves the company money and allows it to move forward instead of waiting for things to turn around. 

But how do you ensure your failures aren't so disastrous that they leave your business in the red? Here are a few things you need to consider. 

Shouldn't You Opt for Success Instead of Failure? 

Well, yes. But the concept of failing fast is more complex than that. 

Failure is a natural part of the learning process. If you're not failing, you're not trying new things and you aren’t learning. But some businesses choose to avoid failure at all costs. It’s understandable, right? We’re conditioned to view failure as personal and painful.

Conventional wisdom tells us that failure stems from some kind of personal inadequacy. 

Entrepreneurs who reframe the concept of failure, from a dreaded failed state from which to flee into a helpful experiment and learning experience to seek out, have a distinct edge over their competitors. 

Focusing on success alone – more customers, more revenue, higher profit margins – leaves little room to try new things. 

This can lead to stagnation and, ultimately, failure. The real kind of failure that doesn’t teach you anything except that it’s time to start over. 

What Does It Mean to "Fail Fast"? 

When it comes to running a profitable business, failure is vital. Moreover, it’s inevitable in some capacity.

There are many reasons why failure is so critical and why getting it out of the way means so much to the success of your business.

Fast failure allows you to avoid costly delays.
Delays can be expensive in terms of both money and time. If your business's growth is delayed, your competitors may have already gotten ahead of you, and you may not be able to catch up.

Trying new things only to find out that they don’t work is a good way to cut away the deadwood, so to speak, and identify the activities you should be focusing on. 

Fast failure allows you to learn from your mistakes.
If you wait too long to fix a mistake, you may not be able to learn from it or correct it. By trying new things and determining quickly if they’re not working (failing fast), you can ensure that your business continues to move forward while you learn from your mistakes. 

Fast failure is synonymous with innovation.
Businesses are more likely to find new and innovative ways of doing things by trying new things, failing quickly and openly, and using these dead ends to identify the best path forward.
 

A Few Tips for Making a Fail Fast Mindset Work for Your Business 

One of the critical benefits of committing to failing fast is that it can help you grow and improve your business quickly, as long as you balance it with actively learning the lessons it's teaching you. Here are a few tips to help you make failing fast work for your business: 

  1. Make failure an integral part of your process.
    Don't shy away from taking risks that might not pay off. When you make openness to risk a regular part of your business, you'll be better prepared to learn from your mistakes and move on faster, rather than letting it sink your entire company.
     
  2. Be open to change. If something doesn't work, be willing to try something new. Stay flexible and agile as your business grows and changes. 
  3. Embrace feedback early and often.
    Get input from everyone involved in your business – customers, employees, partners – so that you can make sure all aspects of your business are working well.
     
  4. Be patient.
    It can take some time to learn and improve your business, but don't be discouraged if it takes a little longer than you'd like. In the end, success will come from taking the time to learn and grow your business the right way: slowly but surely.

How to Ensure Failing Fast Doesn't Mean a Permanent Failure 

You no doubt have some hesitation at the thought of letting failure become an intentional part of your business.

What if you go too far and can't recover from your mistakes? Here are a few things to keep in check to ensure your business stays nimble even when you’re taking risks.

Make sure you're taking risks that are worth taking.
Is the market demanding that your business pivot, or are you just bored? 

What are the metrics telling you?
Are you seeing weak spots in your business plan that can be strengthened? For failing fast to work, you need to let the data tell you the things you need to know.

Too often, entrepreneurs avoid the tough subjects of their business's weak points until it's too late. Don't take your business failures personally; no one (and no business) is perfect, and we can all improve somewhere.

Are you working on the right things?
This is a question that often gets neglected in the startup world. When you're failing fast, it's important to be laser-focused on what your business can do better and how you can make it more successful.

It's easy to get lost in the weeds when things are going well, but it's essential to stay laser-focused on your goals if you want to achieve them.

Are you practicing self-care?
Failing fast is hard work, but it's even harder when your business becomes a reflection of how you view yourself, as is often the case with entrepreneurs.

Make sure you have a solid support system, whether spouse, friend, or therapist, to help you through the tough times and keep your perspective on the right track. Keep in mind that failing fast is not a license to be reckless in your personal life or business; it's essential to take care of yourself both mentally and physically so that you can maintain distance between your business failures and your life outside of the office.

The Bottom Line 

Learning to fail fast can be a great way to grow and improve your business. However, it’s crucial to balance it with actively learning what the failure is teaching you. By being open to change, being patient, and embracing feedback, you can ensure that your business endures and remains profitable for the long term. 

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