Recently I was talking to an entrepreneur about a new B2C web-based product he was building. After digging into the idea and business model, he said he was trying to figure out if he should invest more in product development to accelerate the pace. I inquired as to why he wanted to burn more cash and he said that it would help find success or failure faster.
That’s right — it’s important to determine if something isn’t going to work as quickly as possible. Too often, all the focus is finding a successful opportunity, which is the right approach, but usually happens to the exclusion of determining if it’s more appropriate to hang it up. Most ideas will fail, and speed to failure is an important skill, such that there’s energy and stamina to try a new idea.
Hard work, passion, and being blissfully ignorant are great traits for entrepreneurs changing the world. At the same time, it’s important to move fast to find success or failure as quickly as possible.
What else? What are some other thoughts on moving fast to find success or failure?
David Cummings on Startups 
Leave a reply to sweeterlife2013 Cancel reply