Mar 17, 2022: Take risks, experiment and learn from failures
Risk-taking comes naturally to entrepreneurs. It is important to take risks to grow, but do make sure to talk to humans about it.
Pre-work: De-risking / reduction of risks
The risk can be reduced through surveys and conversations. Asking people what they want is aware of their problems and hopes. It is crucial to know about the customer, their problems and expectations before putting money in a process.
To know about the customer and the market, the questions should be specific. As an example, in a scenario where you want to set up a coffee shop in a region, a question like “what do you think of this business idea?” cannot add value. A better question would be “where do you go to have coffee in this region?’, what do you don’t like about your regular coffee shop? how many times do you buy coffee in a week? These questions will help to understand competitors, customer problems and demand.
Divergent Thinking:
Divergent thinking is a process where the mind is not limited to facts. It is rather focused on questions and ideas. Developing lots of ideas and solutions to solve the problems of the customers and then finding out the best option.
A/B Testing
A/B testing means to test two different ways of doing something. It helps to identify which is better liked by consumers in the field. After, developing lots of ideas, A/B testing fixes the pin on the best idea which in turn reduces the risk of failure.
How to take calculated risks and learn from them?
Calculated risks can be taken by setting up preliminaries. Diverse thinking and A/B testing make the risk calculated. Before taking the risk, one should be clear about “how much is at stake?”
How to learn from failures?
Identify the things that are not working and change them in a better way. Sometimes risk leads to failures. But that isn’t the end of the story. Identifying the failures and learning from them is the most valuable experience. A failure makes the vision clearer, it can lead to identifying more changes that are required to be made to make the business successful.
How to push your team to take risks and experiment?
Always try to make things better. When we try to make things better, it changes. It includes testing new things and experimenting. It is the only way to make a business grow to its maximum potential. Take risks, experiment and learn from failures!