Ever heard the phrase: failure is not an option?
Well – failure is an inevitable part of business and failing in the right way will increase your long-term viability and chances of a successful exit from your business…
🥇 MARKET VALIDATION. Failure is not the objective, but it’s part of the process to understand how well your offer resonates with the market. It’s absolutely critical to obtain feedback from target customers often and early.
🥇 LEARN AS YOU EARN. Mistakes will be made and setbacks will arise, throughout the life of any business. When you hit problems, be honest about the root cause, before addressing the issue, big or small.
🥇 INNOVATE & ADAPT. If ever there was a time to be agile and innovative, it’s now. Complacency will kill your business quickly in the 2020s. Allocate time each week to explore new opportunities, products or services.
🥇 TAKE RISKS. Entrepreneurs take risks – but normally calculated risks. So yes, go all in and be committed, but be wary of betting the farm each time. Spread risk across investments, projects and customers. I’ve seen many companies go under purely because their biggest customer collapsed.
Let’s be real, failure is not the destination, but done right, it’s an essential part of the journey…