Sunday, March 31, 2013

Fail Fast Fail Cheap

I am always delighted to see when others are teaching the same thing I am, for it is critical the word gets out as far an wide as possible.

Here is an article sent to me on one Doug Hall, who has developed quite a franchise explicating the innovation process.

The classic mindset is to try to get a business plan or product 95% right before taking action. This is great in theory, but it rarely works. Why? Because as soon as you ship the product you immediately recognize its fatal flaws. By then, it's often too late to
change the packaging, the marketing, or the product itself.

Sound familiar?  My solution is more radical than his, but the point is we are teaching the same thing.  here is a quote from his website:

If you have any doubt if you should attend, I encourage you to keep in mind Doug's motto on why we should innovate:  "If you're not unique, you better be cheap."  

This is of course addressing the idea of competing on design vs. price, a fundamental point in my seminars and books.

Mr. Hall has a tag line "Fail Fast Fail Cheap" which summarizes nicely the idea I put forth in Plan A and Plan B market development.

It is pretty clear Mr. Hall is targeting big businesses, and he can have them.  To my mind helping Disney is uninteresting.  Helping the business that will replace Disney in a few years is far more interesting.  I want to help Apple circa 1977, not IBM circa 1977.

In both cases, mine and Hall, we are simply riffing off the phrase "entrepreneurs do not take risks" that Peter Drucker struck back in the 1980s, Hall with Fail Fast Fail Cheap and me with my Plan A and Plan B, both examples of entrepreneurs taking no risks.

Robert Kiyosaki has done great work in his Rich Dad Poor Dad franchise, with his especially insightful "Keep the assets, get rid of the liabilities."  This proves to be reliable consideration in helping make good decisions.

And along these lines, here is a most charming blog devoted to start-ups...

Feel free to forward this by email to three of your friends.


3 comments:

Anonymous said...

Unfortunately, he seems to agree with the fallacy of IP laws and values patenting:

http://www.eurekaranch.com/eureka-inventing.html

This misguided adherence to IP no doubt diminishes the effectiveness of what he is teaching.

Yotam Ariel said...

Very nice!

Regarding the comment of Anonymous,
could you say who you mean by - 'he'?

I also recommend the book, and website: http://theleanstartup.com/

Hope this helps,
Yotam
(http://www.linkedin.com/in/yotamariel)

John Wiley Spiers said...

Hey Yotam,

I am sure "he" in reference to IP in the above post is Doug Hall.