The path of the company and the person that takes no little bets, never risks an error, never risks a mistake… is to slowly die and then risk everything on one big “Hail Mary” pass.
What’s the worst life strategy for a person?
and also for a company?
Rely on what has always worked. Cross your fingers that it will remain an effective approach forever.
It is hard to overcome. When something is going well, you enjoy it. It’s hard to spend time on areas that are not flourishing. You have a successful, money making product… all your resources are there…
…and then one day it is not a successful, money making product. Ask anyone at Kodak.
Jeff Bezos is scared of complacency. He knows that Amazon has taken the wind out of many other companies’ money making products and strategies… and that someone somewhere is looking for a way to take down Amazon.
Jim Collins says that there are 3 ways to fail in Innovation. Here’s my video from earlier this year on Jim Collins lesson #6 – Shoot Bullets, then Cannon balls.
Listening to Jeff Bezos recently, he was so clear on the vital need to allow for failure, to actively seek to try new things that are likely to fail… and learn…. as a company and as a person.
Where do you do little tests? As a business? As a person?
What are your thoughts?