Startups are often under the impression they need to “fail fast,” a mantra that encourages them to constantly iterate on their products and business models in the hopes of finding something that works.
Fail fast has become the unofficial mantra of Silicon Valley, it’s not always the correct advice. In an effort to move fast, startups can often become impatient. They neglect to invest the proper amount of time, money and effort in a new initiative and abandon it too soon. Even worse, they can lose focus on their core business and pursue ventures that aren’t a good fit.
In this blog post, UberMedia CEO Gladys Kong writes about when fail fast goes too far, and how to find a proper balance between progressing quickly and focusing on what your company is best at.