FAILEnoughToWin.com was created for the small business entrepreneur. FAIL is an acronym that stands for Find-> Act-> Interpret-> Launch. Each stage is interconnected in a way that will guide the small business owner along the road to success.
You can start the process at any stage or jump around and combine stages, depending on your personal goals.
In this section we will discuss the 3rd step, Interpret. Specifically you will learn how to collect and interpret the data that was collected during step 2, Act. As you Act you must gather data both internally and externally. The data must be collected, and interpreted, so it can be tweaked as you prepare for the final step, Launch.
Let’s consider the original version of The Three Little Pigs story to help illustrate this step.
The Three Little Pigs is an excellent example that shows why it’s important to Interpret the situation daily and learn from your Actions before you Launch your new plan.
Unlike modern versions of the story, the original takes things one step further.
It allow us to learn from the mistakes of others and how not to waste time recreating the wheel. The third pig learned from the mistakes of Pig One and Pig Two who built their houses with straw and twigs respectively. Neither of those materials were strong enough to protect their assets, themselves in this case.
Pig Three learned from the mistakes of his brothers and built his home with the strongest material on the market, brick and mortar.
As the story goes, the wolf still continued trying to eat Pig Three. Each day Pig Three would interpret the situation based on the data that he previously gathered. Each night he made a new action plan to ensure that he was always one step ahead of the wolf, or the competition in your case.
As a small business entrepreneur you are positioning yourself to be an expert in your niche. As you Interpret the data that you gathered WHILE taking action, you will use these lessons to ruthlessly and honestly determine your next steps.
Interpreting data can be as simple as setting aside time each evening to think about:
The third pig is the only one left standing at the end of the story. If we consider his craftiness and turn his cleaver moves into business strategies one might decide to:
In essence, an entrepreneur is someone who is willing to put in long hours, take less pay and cover multiple roles in their company. A successful business entrepreneur is a thought-leader and risk-taker.
As a thought-leader and risk-taker they appreciate the reward of being your in charge and find it more exhilarating than working for someone else.
We will interpret case studies of each small business entrepreneur who failed and shared their story. I’ll offer suggestions that may have helped the business stay afloat had they implemented the FAIL techniques discussed on this site.
Most importantly we will attempt to learn from the mistakes of the small business entrepreneur who didn't succeed. This is simply to ensure that we don’t recreate the wheel negatively in our own businesses.
Please chime in by adding a comment sharing your thoughts and own experiences so we can all learn and grow together.