You’ve experienced failure. And you’ll experience more failure. That’s okay, as long as you learn from your experience and don’t repeat what led to failure.
So what’s the best way to fail? Fast. Failing fast beats failing slow for three reasons:
1) It Accelerates Adaptation – Organizations that learn and adapt are organizations that endure. The faster you learn what works, what doesn’t, and why, the faster you can adapt.
2) It Costs Less – When you fail fast you don’t keep throwing good money after bad. Your total cost is less. Consider your initial cost an investment in your organization’s education.
3) It’s Easier to Move On – The longer you play a losing hand the more invested you are psychologically, and the more difficult it is to fold. Failing fast avoids this trap.
Failures can be constructive. Just make sure you get the most out of them and put the least into them. Fail fast.