Put the Customer First2. Fall on Your Face: A Case Study in Successful Failure, with Netflix
5min2020 AUG 25
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There was a moment in recent business advice history when everyone went crazy about failure. Fail bigger! Fail harder! crowed entrepreneurial evangelists. There is even a “Fail Camp” where would-be innovators can become more comfortable with failure.In every trend, there’s a grain of truth: innovation cannot happen without an appetite for failure, and a commitment to learning from it. That’s the key takeaway from Netflix’s Todd Yellin’s lesson on “successful failure.”Assess your stumblesGood FailureTried for logical reasons / reasonable hypothesisClearly defined metrics for measuring success or failureResulted in new learningsBad FailureTried for no compelling reasonAlready deemed a failure, but tried again anywayFace fall frequentlyIt’s OK to lean so far forward that you fail. Learn from each failure, brush yourself off, and try something new.Temper failure with Minimum Viable Products (MVPs)Only invest enough to yield viable test results. Avoid the temptation to over-inve...