In a Startup, Single question is how to execute well to reach targets. Be it traffic, customer acquisition or revenue numbers. Whether it should be the Fail-fast approach to try everything and learn from failures. Or Steady approach where we try one or two steps and execute it well.
Both have pros and cons:
Fail-Fast Approach:
Try out everything to achieve goals and learn from failures.
Let me start with Cons….
Cons:
I have seen that fail fast approach kills you, frustrates you to the core, it’s like you grab everything that needs to be done, starting from Mobile Apps, Social Medias, Server performance, B2C & B2B and even investors’ whims of launching any new features etc. This leads to failure in almost 90% of things you do, only 5-10% succeeds. And if you have competitors doing well, you are doomed.
Pros:
You learn in each step you take, each feature, market or targets makes you learn immensely, which can be applied to next level. Yes, if things go to next level….
Steady Approach:
Taking one or two steps and executing it well.
Cons:
Since you have taken one or two steps, if you fail you have nowhere to turn to. This failure can lead to close down or shutdown.
Pros:
As execution is key, and you will be focusing on executing one or two things, there is very less chance you will fail. In fact, you can figure out better solutions in that particular field which can be the differentiating factor between you and your competitors.
For me its favoured towards taking 1-2 good steps where you can really crack things up.
Note: – Mind you execution speed has nothing to do with product launch dates, product launch should always be agile and delivered in the fastest way possible.