Susan Jones | Inc42
Failure isn’t something you want to think about for your startup, but it’s going to be essential to your success. I have never seen a startup that didn’t have at least one failed strategy or idea.
The people who are still in business benefitted from their failures in one way or another. Failures give you useful data. They tell you that something doesn’t work, and you can probably figure out why. Then you can use that information to guide you in moving forward.
Consider Setting Failure Points For Crucial Elements Of Your Business
If a program or aspect of your business isn’t working after a certain amount of investment or time then it may be time for change.
Setting a failure point will alert you to the need for change, rather than letting something that isn’t working continue longer than it needs to.
The variables will be different for every business, but you’ll be able to figure out how much experimentation your business can support before it’s time to change or risk going by the wayside.
A Failure Point Should Be Specific And May Be Related To:
Time: We must reach 10,000 subscribers in the next 6 months using our current marketing strategy.
Milestones: We need to sign contracts with X, Y and Z suppliers to make this startup work.