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Leading from the Core

Fail Fast…Recover Quickly

Posted on October 25th, 2017 by Randall Taussig

For many success driven entrepreneurs, failure is not an option. It can bruise egos and shatter confidence! But many entrepreneurs must fail before they can succeed.

Walt Disney was fired as newspaper editor for not having good ideas and “no imagination.” Nick Woodman lost $4M in a start-up called Funbug before founding and succeeding at GoPro Inc. Steve Jobs was fired from Apple (the company he founded), but then formed NeXT Computer, which he eventually sold to Apple and then he joined Apple again to help grow it to over $200 billion in revenue!

Fail Fast…then Recover

I have noticed a pattern after working with dozens of entrepreneurial leadership teams: All of them have “failures” at some point…but the most successful ones have incorporated a discipline of failing fast and recovering quickly.

3-Ways to Recover Quickly

The Entrepreneurial Operating System (EOS) offers three specific tools to help leadership teams recognize when they’re off track (failing) and to respond (recover) quickly:

V/TO:  The Vision/Traction Organizer is a powerful tool used to articulate and share the company Vision. It has 8 sections that come together to define where your company is going and how to get there. When you know where you’re going, it’s much easier to recognize and respond to falling off track.

Scorecard: The Scorecard is a powerful tool that predicts future results. By utilizing the Scorecard, your team can proactively make tweaks and adjustments that help prevent the need for major course corrections

Meeting Pulse:  The Level-10 meeting is one of the most powerful weekly meetings that you will ever run! In short, it boosts accountability –raises key issues and takes the necessary action to move the business forward – one week at a time.

Your leadership team may not experience the extreme form of failure/success that famous entrepreneurs like Disney, Woodman and Jobs did.  And maybe such extremes aren’t really necessary if you have the context of a clear vision in conjunction with the tools to recognize when you’re off track and commitment to respond/recover quickly.

As Winston Churchill so eloquently stated, “Success is not final, failure is not fatal: it is the courage to continue that counts.”

To learn more about the EOS process and how it can benefit your business, schedule a FREE 20-Minute Consultation Call.