Adam’s Startup Failure: Measuring The Wrong “Speed”
When driving a car, we look at the speed gauge to know how fast we are moving. The higher the KM/H, the faster we are moving, and the faster we are to reach our destination. More often than not, entrepreneurs relate to this very basic understanding to gauge the speed of their actions at the progress of their own startup. It is this very basic understanding that have both driven most startups to failure and a few towards success. The difference lies not in the act of measuring speed, but the more fundamental definition of “speed” itself.
Like driving a car, startup entrepreneurs need to look at the right gauge to measure the “speed” or rather progress of it’s startup. Too often than not, entrepreneurs tend to look at things that are more tangible (i.e. like the speed of the car’s movement). This need to see something tangible fast is often fuelled by the need to achieve financial stability.
Like Adam, quitting his job in the pursuit for his dream is not without it’s consequences. Loss of income stability is one that often causes startup entrepreneurs such as Adam to derails his focus from the measuring the right “speed” to the wrong. Clouded by all the monthly expenses Adam’s impatient eagerness to get things done quickly, in hopes to see fast tangible returns has too often been the same reason why most startups fail.
Rather than focusing on learning what customers really need, Adam shifted his focus towards getting something tangible done, a live application in front of his customers, hoping to achieve success fast. In a nutshell, Adam’s addiction for fast result have costed him his startup.
To know how fast we are moving, we need to measure our speed. The faster we are, the closer we are towards success. Looking at the right or wrong gauge to measure our speed can result in success or failure. For startups, the right gauge to focus on to measure speed is the “Learning Gauge”. The faster we learn from our customers, the faster we are at building something that customers need. Getting things done should be secondary, learning should be the primary focus.