What is Fail Fast?
Fail Fast is the principle of valuing extensive testing and learning from failures over doing things right the first time. It is a philosophy that advocates for quickly discovering and correcting errors so that products or services can be improved.
In the Fail Fast approach, teams learn from mistakes instead of letting them impede their progress. The goal is to find problems and solve them as quickly as possible so the team can move on.
Fail Fast is often associated with the Lean Startup method, which focuses on creating a minimum viable product and then iterating based on user feedback. This is because Fail Fast is not about failing just for the sake of failing — it is about failing in a way that allows you to learn and enhance your product or service.
Why is Fail Fast important?
Fail Fast is beneficial to avoid the sunk cost effect. This is a phenomenon where people continue pouring time and money into a project or venture after investing so much in it that they cannot afford to abandon it. They have invested so much that they cannot bear the thought of not recouping their investment, even if it means losing more money in the process.
The Fail Fast method seeks to avoid this by having teams rapidly prototype and test their ideas so that they can quickly determine whether or not an idea is worth pursuing. If it is not, then they can quickly abandon it and move on without wasting time and money on a fruitless endeavor.
Fail Fast also allows for faster learning, as teams can quickly identify and correct mistakes. For example, if you have made a product and it is not selling well, you can quickly change your product or your marketing strategy rather than continuing to invest in something that is not working.
Fail Fast also encourages risk-taking, as teams know they can easily abandon an idea if it does not succeed. This can lead to more innovative ideas, as teams are not afraid to try new things because they know that they can quickly move on if they do not work out.
In summary, failure is a part of any business, but it should be embraced. Fail Fast is a way to learn from your mistakes and improve your products or services. By failing fast, you can avoid making the same mistakes twice and increase your chances of success.