New Year brings with it splendid new opportunitiesJanuary 4, 2016 10:46
If you have to fail, do it fast
I do believe that with innovation and pushing of boundaries there are a lot of risks involved and the more risks, the higher the probability of failure, writes Shadi Banna.
February 13, 2013 12:01 by kippreport
There is always so much talk about how entrepreneurs need to accept failure and be ready to fail as they start their new ventures.
This is how the VC industry is built – all around the probability that most businesses would fail but that a very few set of investments would sky rocket and make the good returns.
I do believe that with innovation and pushing of boundaries there are a lot of risks involved and the more risks, the higher the probability of failure.
But I am worried that we are giving young energetic entrepreneurs the wrong message. We shouldn’t encourage them to pursue crazy ideas that are bound to fail. We should guide them through the mine field of starting up a business to avoid common mistakes, and should encourage them to learn how to take calculated risks.
The best approach to necessary failures as the entrepreneur tests a totally new concept or new approach is to fail fast.
This helps in being able to learn from the small failures, rebound quickly from them and iterate the innovation process without it killing the business.
So the message to Entrepreneurs: If you have to fail – fail fast, but better not to fail at all!
Shadi Banna is the Co-founder of Potential.com, a company aimed at developing entrepreneurial culture, training and coaching for SMEs and Start-ups in the region.