The importance of measuring and learning from success

Over the holidays, I caught up with some reading and revisited Eric Ries’ book, ‘The Lean Startup’, now a classic read. I was once again reminded about the importance of measuring success as a startup in order to learn and grow in the future. The whole concept of the lean startup is based on a constant, and very sensible, ‘build, measure, learn’ cycle. It encourages a startup to be agile, to work through failure, adapt to customer needs and constantly learn from experience - all very practical advice. Yet, as entrepreneurs it’s all too easy for us to feel too busy to build proper feedback loops into our products and business models. But without ways to effectively measure our success, it is all just guesswork. Ultimately it’s all about making sound business decisions based on evidence, not being afraid to try new things and measuring the difference it makes, whether it’s positive or negative. It is learning from this experience that can help our businesses to grow.