photo credit: hans.gerwitz
Scott Anthony wrote a very interesting article that was posted on Harvard Business Publishing regarding ways that you in business can fail on the cheap side of thing’s. After all, in business if it is inevitable that were going to fail at some point, why make it the most expensive failure? If we can keep the cost down, why not.
Try lowering the cost of all your experiements. You can conduct all your experiments, just remember that their are so many way’s of doing experiements that are not going to cost you an arm and a leg. Change the order that you conduct your experiments. Your idea may not even really have a need in the market, so make sure you assess that before spending money to experiment.
Increase the pace of decision making. Entrepreneurs with clearly bad ideas typically don’t have the luxury of spending money on those ideas for too long. Companies, however, can let bad ideas linger for inordinate amounts of time because of slow decision-making processes. Shutting down flawed projects early avoids needless spending – and focuses resources on the best ideas.
What are your thoughts on failing cheap in business?