For some of us, the fear of failure is what motivates us to go all in on our goals. For others, the fear of failure is why they never actually get started in the first place. Whichever bucket it is you fall into when it comes to failure, there’s one thing you need to know…
Failure, like defeat, is a tool. It’s not a roadblock.
We tend to associate failure with negative emotions such as guilt, shame, and even anger. But failure is the biggest gift that life can give you because it shows you what is not working and what road won’t lead you to where you want to go. And with every failure, you learn something that will help you find the right way. See, failure is the stepping stone to success. Thus the importance of failing, and failing fast.
Okay, we know what you’re thinking… Failure is scary enough on its own. And you want us to fail fast on top of it?!
Yes, we do, and here are 5 reasons why:
1. YOU LEARN QUICKER
Failing fast allows you to gather valuable feedback and learn from your mistakes more quickly than if you waited for the perfect plan. When you wait to have the perfect plan, spend time accumulating all the knowledge you anticipate needing, and get all of your ducks in a row, you don’t necessarily increase your risk of success. You’re just as likely to fail as someone who goes in full force, blindly. This is because you can’t know what’s waiting for you on the other side of the mountain you are trying to climb; you will only see once you get to that point in the journey what obstacles are in your way.
Thus, by failing fast, you essentially progress faster and learn from your mistakes quicker because you aren’t wasting time at the beginning of the journey making a plan that will go sideways within a few moments of putting it into place. By identifying what doesn’t work early on, you can make adjustments, iterate, and improve your approach. This iterative learning process helps you refine your ideas and ultimately increases your chances of success.
2. IT HELPS YOU BECOME MORE EFFICIENT WITH YOUR RESOURCES
Somewhat connected to the point we just made above, failing fast minimizes the investment of time, money, and resources in ideas or strategies that are unlikely to succeed. By discovering failures early on, you can redirect your efforts and resources toward more promising opportunities, saving valuable resources in the long run.
So don’t be afraid to invest in something early on – as long as you closely monitor it to cut your losses as soon as it’s not looking good for you.
3. IT FORCES YOU TO BECOME MORE ADAPTABLE
The business landscape is constantly changing, and what works today may not work tomorrow. Failing fast enables you to adapt and respond to new challenges and market conditions more effectively. It allows you to test multiple approaches and pivot when necessary, keeping your organization agile and responsive to change.
In other words, failing fast allows you to pivot quickly — and not become stuck in a strategy you planned 6 months ago and that isn’t relevant anymore.
4. IT LOWERS YOUR RISK OF FURTHER LOSS
While all failure comes with some sort of loss, such as time, money, or energy, failing fast helps you identify potential risks and pitfalls before they become significant problems.
By uncovering failures early on, you can address issues and mitigate risks, preventing them from escalating into larger failures that could have more severe consequences.
5. IT ENHANCES INNOVATION AND CREATIVITY
Lastly, failing fast encourages experimentation and fosters a culture of innovation. When you embrace failure as a learning opportunity, you create an environment where you — and your team — are more willing to take risks, explore new ideas, and think outside the box. This can lead to breakthrough innovations and competitive advantages that wouldn’t be possible in an environment where failure is shunned upon.
It’s important to note that failing fast doesn’t mean acting in a reckless manner. It’s about taking calculated risks, setting clear goals, and using failures as stepping stones toward success. It’s about being adaptable, learning from mistakes, and continuously improving your approach.