Business Guide

business   »  business strategy   »  fail fast explained

Fail Fast Explained

        posted by , May 22, 2013

What is it?

Fail fast is a business strategy that quickly, cheaply and safely validates approaches before committing to a big investment.

Definition: Fail Fast

Fail fast is a business technique that quickly tests strategies, plans and designs. The idea is to avoid big investments until you're highly certain they will be successful.

So What?

Fail fast is a strategy that can be applied to every area of your business from marketing to information technology.

It allows your business to avoid big failures while innovating at a fast pace. Fail fast is widely considered a core innovation strategy that has several key advantages:

  • Agility
    By trying new things quickly a business is able to change more rapidly.

  • Cheap
    Avoiding big failures can save your business a great deal of money.

  • Innovative
    Fail fast allows your business to entertain creative ideas that would be too risky with a fail-big approach.

  • Productive
    Implementing tests, prototypes and pilots first allows you to discover and refine productive approaches.

  • Resilient
    Fail fast allows you to develop a large pipeline of ideas that makes your business more resilient to change.

How To Fail Fast

Failing fast is a business technique that can be applied to everything you do. For example:

  • Innovation
    Develop a large number of small innovations. Provide a path from idea to commercialization that tests ideas early. This may include prototypes, test marketing and pilots.

  • Projects
    Plan projects to release regular working prototypes. As a rule of thumb, never go more than a month between releases.

  • Methods
    Improve your processes incrementally. Validate improvements with measurement. Sponsor pilots for aggressive change of methods.

3 Shares Google Twitter Facebook

Related Articles

Business Strategy
Lists of business strategies and tactics.

Structured tasks that achieve business goals.

Hype and misinformation incorporated.

Value driven by new ideas.

How to sell a cooker like a mad man.

Recently on Simplicable

20+ Types of Marketing Strategy

posted by Anna Mar
Strategies to handle different market positions and competitive challenges.

Strategic Planning Guide

posted by Anna Mar
A guide to developing business strategies.

Innovation Techniques

posted by Anna Mar
How to push the limits of your thinking to create something new.

Brand Personality Explained

posted by Anna Mar
Give your brand a little personality.


about     contact     sitemap     privacy     terms of service     copyright