Why is entrepreneurship like an experiment? I’m Mimi Evans, and I’m going to explain how this works.
Businesspeople Are Always Experimenting
You’re a founder of a company, or you’re running a company, and believe it or not you are also part scientist, because you are constantly running experiments. I am going to quote Jeff Bezos, the CEO of Amazon, on this. One of the things he believes in is letting his people fail. So while there’s a lot of successes, they’re also allowed to make mistakes. “Failure and invention are inseparable twins.”
How do you incorporate this into your business? When you create a new product or launch a new product, you are putting it out there there to see if it flies, to see if it gets traction.
If Your Experiment Fails, You Pivot and Adjust
If it does, your experiment has worked. Listen to your customers. If it doesn’t, you do what we call a pivot.
Pivoting means you have to adjust something to make it right. That is an experiment. So it’s really really important as you drive your business forward to feel comfortable making mistakes along the way. It’s part of the process. And if you’re not doing that, you’re not experimenting. Why do people not experiment enough? Because they’re afraid of one thing. All humans are afraid of failing. So because of that they get stuck, and they’re afraid to launch new products, and they’re afraid to experiment.
You have to get over that fear, make some mistakes, and get your business moving forward. Make it a priority this week, this month, to get your product or service out there in the hands of real customers, run your experiment, or as Nike put it: just do it.