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I always believed in the “Fail Fast” mantra. The basic idea of Fail Fast is the faster you fail, the faster you get onto what works. Another way to look at this is finding out quickly that your idea is a failure will save some of your investors money. Mark Suster wrote a blog post not long ago taking the opposite view. He states that the Fail Fast mantra needs to go away. I will leave it to you to read his post as it is a well thought out viewpoint.
A couple things he stated got me thinking about being an entrepreneur in an area like Des Moines and “Failing Fast”. In mid-markets like Des Moines the entrepreneurial ecosystem is small. There are a limited number of players with investment money. There are a limited number of serial entrepreneurs. There are few support resources. Finally there are very long memories!
Failing fast with the expectation you will go back for more money for your next project does not work here. People will remember you for the failure you caused and the money you lost. Not because you failed but because you did it so quickly. They will remember you as someone who “failed too fast.”