Acceptable Loss: A Formula For How to Fail Quickly and Cheaply, and Ultimately Succeed
June 10, 2015
"If you looked at the way entrepreneurs act, you would be tempted to conclude there is not a lot to be learned from studying them. You would have to be Bill Gates to start Microsoft and Oprah Winfrey to begin Harpo. But if you look at the way they think, you will discover amazing similarities. When successful entrepreneurs head off into the unknown—and there is nothing more unknown than starting a new company—they ... reduce it to a formula. They: Act. Learn. Build (off that learning.) And Repeat. But notice what is going on, because the steps are small, and so is what it puts at risk. It's a way of keep potential failures from being devastating."