Principle #4: Fail Fast, Excel Together
In systems design, a fail-fast system is usually designed to stop normal operation rather than attempt to continue a possibly flawed process. It continuously checks the system’s state at several points in an operation, so any failures can be detected early. At ARQS, we’ve taken that set of principles and made them our own, but in order to apply them successfully, we needed to recognise the following key success factors:
Failing fast does not equal bankruptcy
By owning and running multiple companies under which some start-ups, we recognised that failing fast didn’t come down to bankrupting your organisation. Yet it is commonly perceived like that, especially in the start-up culture, where funding seems to be top priority, assuming that core-business comes later… WHAT?
10 of the most-funded startups to fail in 2017
That’s not failing fast, that’s just you doing a terrible job.
Failing fast is about experimenting with small innovative approaches within a given timeframe in order for you to learn something. If it doesn’t work, you can just stop or adjust and there should be no major negative impact.
So before trying something out… think about what’s the worst that can happen, then make a calculated decision!
You don’t need money, you need a strategy
ARQS, is completely self-funded. Why? Well first off, we didn’t want any external investors to be a part of our company because it could potentially ruin our awesome culture. Next to that, my business partner and I wanted to maintain full control about everything we do as a business.
That mindset comes with the cost of not having any external capital to use as a fallback…, but it enabled us to become better in strategy and establishing valuable partnerships. We learned that you don’t need money, you just need a better strategy!
Watch this inspiring video by Dan Lok talking about the relationship between money and strategy, you’ll get the point!
Why fight for survival, when you can collaborate for success?
ARQS is a small company with big clients, and although it sounds great, it’s actually quite dangerous.
For us being active at bigger clients, it means that we are exposed to bigger competitors as well. To be honest, they often have a lot more resources then we do. They could potentially copy something from us…, but that’s not how we go about it.
Whenever we have something that they want, we just let them have it, but they’ll have it whilst working together with us.
There is just no point in competing, you can’t copy culture, you can’t copy good vibes and competing on price alone just makes the world a miserable place. Therefore we decided to make the world just a little bit better by forging strong and long lasting partnerships that create a winning situation for all parties involved.
What are some of the perks of those partnerships?
- Active support and for our fail fast experiments
- We don’t need a huge amount of capital
- Use and profit from each others resources
- You act as one! Leveling out competition, creating a Blue Ocean Market.
- Together, we just serve clients better!
People excel not just through sheer individual talent but by working together with others.
This article is number four in a series of ten, find out more by checking out our previous publications!
Love to excel together? Want to find out more about failing fast? Subscribe to our newsletter or one of our various social channels! (Twitter, LinkedIn and/or Medium)
