by Vijay Govindarajan Article
What Drives You Nuts about Failure?
“Here’s one for you: “I want an innovation effort that fails fast and cheap.” When Tom Peters offered up this oft-quoted phrase, he said, “Test fast, fail fast, adapt fast.” He didn’t just say, “Fail fast.” When Ian MacMillan and Alexander Van Putten offered “Fail Fast, Fail Cheap, and Move on to the Real Winners,” they weren’t really advocating for failing fast and cheap as much as, like Tom Peters, they were advocating for learning fast. Your idea, concept, or business proposition doesn’t have to be fleshed out 100%, or launched worldwide, for you to learn quickly. In fact, it makes sense to break your investments down into increments so that you can validate — or learn what isn’t working — quickly. The point isn’t to fail fast; the point is to learn something useful and move on.”