This link has been bookmarked by 8 people . It was first bookmarked on 31 Mar 2009, by Pierre M.
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13 May 09
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06 Apr 09
PG HolmlovThe real answer is to dramatically decrease the cost of failure. A leadership team seeking to achieve this aim has three levers at its disposal:
Lower the costs of experiments. Running experiments need not be expensive. There are tons of low cost ways to test critical assumptions (chapter 5 of The Innovator's Guide to Growth describes about 30 such approaches).
Change the order of experiments. Many companies spend a lot of money answering the wrong questions. They'll seek to perfect a technology without understanding whether there's a market need. Assess strategic risks first, because they are often what sink an idea.
Increase the pace of decision making. Entrepreneurs with clearly bad ideas typically don't have the luxury of spending money on those ideas for too long. Companies, however, can let bad ideas linger for inordinate amounts of time because of slow decision-making processes. Shutting down flawed projects early avoids needless spending — and focuses resources on the best ideas. -
03 Apr 09
lilian ricaud"The failure rate is actually irrelevant," he said. "It's the risk associated with those failures that gets you into trouble."
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Bertrand DuperrinThe real answer is to dramatically decrease the cost of failure. A leadership team seeking to achieve this aim has three levers at its disposal:
1. Lower the costs of experiments. Running experiments need not be expensive. There are tons of low cost ways to test critical assumptions (chapter 5 of The Innovator's Guide to Growth describes about 30 such approaches).
2. Change the order of experiments. Many companies spend a lot of money answering the wrong questions. They'll seek to perfect a technology without understanding whether there's a market need. Assess strategic risks first, because they are often what sink an idea.
3. Increase the pace of decision making. Entrepreneurs with clearly bad ideas typically don't have the luxury of spending money on those ideas for too long. Companies, however, can let bad ideas linger for inordinate amounts of time because of slow decision-making processes. Shutting down flawed projects early avoids needless spending — and focuses resources on the best ideas. -
01 Apr 09
George DearingThe odds are pretty high that your first idea is wrong along some meaningful dimension. If you fail fast and fail cheap, you can accelerate discovering a winning idea.
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31 Mar 09
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