Fail fast, fail hard

One of the best things about the startup community is the atmosphere. Anything goes, people motivate and lift each other up to no end. Positivity is the currency, and everyone is rich. This is what motivates people to start working on their idea and go from vague to concise in record time, but there’s a flipside.

The honeymoon phase

Failing early is key

Kill your darlings — Sir Arthur Quiller-Couch

Failing to kill your darlings is the most common mistake in any business. This happens when clear, measurable, and objective data meets emotional attachment. The more time, energy, and money you invest in an idea, the harder it becomes to kill, even when all the data shows it’s the best idea.

Gather data

Testing market interest and market fit can be done very cheaply using tools like Google ads and Facebook ads. These tools will allow you to target your intended market, serve them ads and send them to your landing page or website. These tools have turned market research from a multi-million dollar endeavor to a cheap early-use tool. The total cost of getting everything ready to start gathering data? About $100.

Setting goals and sticking to them

Rick has an idea to revolutionize the world. He looked into costs for market testing, production cost, and distribution and determined that he needs to sell at least 100 products before he makes a profit, this is the goal. Rick can now set up a dry run market test to see if there’s a market fit. Rick can do this by setting up a webshop that has a long lead time (to cover production and shipping time), set up a landing page with an email form, or implement other dry-run techniques.

Fail fast, adjust, keep going

Photo by Isaac Smith on Unsplash

Huibert is an innovation engineer, prototyper, maker, 3D printing nerd. He thinks anyone can be an inventor with the right mix of attitude and time investment.