Failing faster has been a mantra that people have sworn by. Famous entrepreneurs believe it to be the single most important rule to follow, and others believe failing faster to be the only way to really learn anything.
Sadly, the past few years have shown us that failing faster is no longer the same. It’s been twisted, misunderstood and misrepresented by poor news outlets and clueless entrepreneurs that blame everything but themselves for failure. This is absolutely not the way to go about interpreting the “fail faster” mantra, so in this article, we’re going to clear up any misconceptions and help you understand why failing faster really is the only way to build experience and grow a business.
You fail forward, not backwards
Failure is often associated with backwards progress. If you fail, you’ve lost money, you’ve lost time and you’ve probably lost some motivation. This is why people think that it’s backwards progress to fail faster. After all, if you keep failing, then you’re going to keep losing money, keep losing time and continue to feel horrible whenever your business collapses.
But that’s not the right way to think about it.
From every failure, you need to see a success. This means that whenever you do fail, you need to learn something from it. This can be difficult especially when you’re feeling down, upset or even frustrated that your efforts went to waste. However, it’s what you learn from those failures and mistakes that will change your future projects.
Understanding where you went wrong
Failing faster requires you to be more aware of your situation. It requires you to think more about why you failed and you need to have a better view of your business so that you understand where those failure points are and how you can fix them either now or in the future.
For example, perhaps you realized that one of the reasons why your previous startup failed was because your computers constantly failed. Perhaps you bought cheap desktop computers instead of investing in a more reliable solution, or maybe you didn’t have a flat-rate IT support service ready to help you whenever your computers broke. This is a valid reason why your business failed and technology is a huge contributing factor to any company’s success.
Another reason could be because you failed to capitalize on your online presence. Maybe you didn’t realize that your company was trending on social media, or perhaps you never bothered to set up a social media handle in order to take advantage of the many platforms and marketing opportunities.
Failing faster is still the best way to learn anything. However, you need to understand that you’re not going to succeed in failing faster unless you’re mindful about your failures and actually try to understand why you failed in the first place.
By looking back at your failures and attempting to learn something from them, you can progress much faster and raise a successful business faster than you could ever imagine. There’s no luck involved here–only your wits.