Every successful entrepreneur talks about how they kept trying (and failing!) until they found what worked for them and became successful. In this process, failing can be seen as a part of the innovation process. The trick is to fail often to be able to test ideas and quickly get feedback. But the cost of failure has to be low so it doesn’t threaten the entire project.
Here are some tips on how to innovate and fail smartly. (Excerpts from the book Mastering emergent strategies (Harvard Business Press)
- Make a prototype before you build
- Test before you commit
- Borrow before you buy
- Contract before you hire
- Outsource before you ramp up
- Research before you execute