The Guide to Fail Fast (Strategy)

Learn how to  Fail Fast And Make Strategic Moves with the Fail Fast Philosophy, also known as the Fail Forward Method in the coaching world. 

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Transcript

00:00.55
wearabletakeover
Hello everyone is looking to greenway also known as for another episode of wearable takeover. So let's talk about failing fasts and the strategies that you need for that agility and execution is much more crucial than perfect execution. And the dynamic corporate environment of today where things are changing at a pretty fast pace. So it's impossible that the circumstance has changed while you're striving to perfect a certain product or services making it obsolete make it good enough send it out. Then after receiving feedback from the market enhance it again because of the iterative learning snowball effect failing fast makes you succeed faster. So in this episode I'm going to be talking about the fail fast philosophy now the fail fast term. Ah, takes an iterative hypothesis driven approach to developing and launching new ideas. It is heavily related to the concept of an Mvp otherwise known in a tech innovation world as a minimum viable product and it is premised on getting early feedback. They can either validate or invalidate your idea so there's something objectively methodical and scientific about their approach but the detractors will say that analysis and calculated risk taking are part of the lifeblood of any successful organization. So what gives so while there's so much hype.

01:28.74
wearabletakeover
About failing fast and is there a way to perfect a faster approach. The reason is quite opposite to rejecting the idea of making sound strategic and informed decisions. The truth is that the fail fast philosophy cannot only coexist. But the more traditional approaches to strategy analysis and risk taking it can augment those approaches and actually help them ah be much more successful. So one way to keep the ball rolling is to think of your decision as an experiment the wording is important here because framing it as an experiment. Allows you to make mistakes an experiment tests a hypothesis that formulates an expectation about how something works the outcome can either support or disprove the hypothesis. So. In other words, experiments are expected to prove you wrong as one of the twentieth centuries most influential philosophers of Science Carl Popper Once said the universe does not tell us when we are right only when we are wrong in an experiment the worst that can happen is that your hypothesis gets invalidated and you gain valuable insights to give it a turn any business or startup can. Not work on failfast terms. It needs a strategic thought process and decisions to know that the decision you are about to make is easy to come back from if it does not work. So while you experiment with a new idea. Make sure that you and your stakeholders understand that it is an experiment and it can go both ways.

03:01.84
wearabletakeover
So once you have experiments enough and you know you have perfected the empirical formula for your business now is the time for you to set the ground rules. The strategies if you know what lines to follow in the future now you need a mission because you may have failed plenty of experiments to take you from? um. The experience of failing and then now you're in a position where you may want to set a clear agenda that has to be followed by you and your team the help of your organization should be your top priority. However, a strategy based on past failures is not enough. Need to define a route to success based on your strategy that is both practical and easy for anyone downstream. And lastly, you need to pat yourself on the back every now and then make sure you have a mechanism to gaze your success so that you know what milestones you have achieved. So with that. We've come to the end of this episode but I do want to give you a reminder that we do have copies of rejection to reward available on Amazon to help you as you are developing your fail fast strategy in your career at your corporate workplace or in your startup I hope you enjoyed it. Make sure you hit the like button and subscribe to the channel and thanks so much for watching I hope to see you on 1 of our future episodes here at where we'll takeover podcast or on our Youtube station. Thanks so much and have a great day.