Fail Fast – the Journey of Failures
It is a journey of failures – We should acknowledge that. We try different things and they fail many times until we find the one thing that works best. It might be meeting 50 investors that say no and one that says yes, it could be working again and again on a product until it is good enough. It might be dozens of BD deals that eventually one of them moves the needle, but the journey to success is a journey of failures.
Once you’re successful, you only move to the next part of the journey (maybe the first phase is product market fit and the next one is scale, and then business model, maybe it is in a different order). Success looks like:
* product market fit
* figuring out a profitable business model
* figuring-out growth
* market is large enough
In other words, you become a unicorn when it is clear that you are a market leader in a large market.
So, what does it mean?
Fail fast! The importance of the journey is to keep in mind that we will have multiple failures and therefore we need to move fast from one to the next. We must also bear in mind, while we are doing so, that the next time will be the right one, over and over.