Rapid Experiments: Failing Quick, Failing Small, and Learning
by John Gross
Have you ever had that idea you thought would bring your business untold success, but didn’t act on the idea because if you were wrong you could potentially wreck your business? All entrepreneurs have these thoughts.
The next time you have an idea that could revolutionize your business, but might also wreck it – conduct a rapid experiment. Rapid experiments quickly test ideas on a smaller scale so you can make data driven decisions without betting your whole business! Additionally, they help you learn and adapt your idea while creating implementation buy-in.
Rapid experiments are real world tests but on a smaller, manageable scale. The process for conducting a rapid experiment:
1. Define the idea (or hypothesis). What do you expect to happen if you implement the idea.
2. Identify the success metrics. What metrics will be measured and what is the threshold to declare the rapid experiment a success. (By defining what success is, we avoid the trap of trying to rationalize results.)
3. Design the experiment. Identify the steps, duration, and resources required. Keep the scope small to ensure the experiment can be completed quickly and with minimal disruption to regular operations.
4. Conduct the rapid experiment.
5. Review the results and make decisions. Using the data—was the experiment a success and do you want to implement all or part of the idea?
Rapid experiments are a powerful tool for small businesses to innovate and grow. By systematically testing hypotheses and making data-driven decisions, businesses can reduce risks in implementing new ideas and improve the bottom line.
John Gross is an EOS Implementer who helps businesses achieve Vision, Traction, and Healthy. You can contact John at John@ DrivingChangeInc.com or call 636.667.0579.