I know entrepreneurs who have suffered from premature execution often associated with the ready-fire-aim quick-to-market approach. Yet I believe that many more have benefited from this approach, especially in early startup stages. If your product is highly innovative, and speed to market is critical, you won’t get it right the first time anyway, no matter how cautiously you plan.
The ready-aim-fire traditional approach works best in more mature markets, where your strategy is to add features and value to competitive products, or address an underserved new segment of the marketplace. These are the environments where you really need extended planning to ensure proper positioning before launching the product.
But Lonnie L. Sciambi, in his classic book, “Secrets to Entrepreneurial Success,” reminds me that premature execution will doom even a good ready-aim-fire plan. This most often happens due to impatience, which is not typically an entrepreneurial virtue. It also happens due to overreaction to some market surprise, a last-minute input, or a squeeze on cash.
Even when a good plan is possible, I believe there are many circumstances where the ready-fire-aim approach is the best alternative, even though it may be counter-intuitive that one can fire without having aimed precisely. Here are the key parameters that can swing the pendulum:
- Engineers have an uncontrolled ability to add more features.Many good ideas never get off the ground, simply because the product or service is never “finished.” Some entrepreneurs don’t believe in the “minimum viable product (MVP)” approach, and they keep thinking they need to get the vision absolutely perfect before launching it.
- Entrepreneur confuses sense of urgency with sense of emergency.Urgency comes from an outbound purpose to get market returns quickly, while handling emergencies is a reactionary inward approach to saving ourselves from the daily crisis. It’s easy to be too busy to aim, so ready-fire can get you moving, but may generate the next emergency.
- Impossible to get adequate market information for any given plan.For innovative new products in a “fast-paced culture,” entrepreneur leaders can’t count on conventional market research or expert consultants to give them the data to build a plan. After you’ve “fired” once, you have some actual data with which to adjust your aim.
- The target market is moving in unpredictable ways.Marketing is inherently a trial and error process in new and unknown environments. The ready-fire-aim approach works best here, but must be used with a plan to learn from misses and feedback, rather than random shots into the dark. Be prepared for pivots and mistakes.
- Planning cycle for determining certainty is too long.Too many entrepreneurs get bogged down in planning and thinking and never get to the point of action. This leads to another dreaded syndrome, called analysis paralysis (i.e. ready-aim-aim-aim-aim-aim…). If they don’t fire before they aim, they may never take action at all.
- Cost of a planning cycle is greater than cost of an execution iteration.Start with a strategic plan that embodies an iterative launch cycle, with a minimum viable product to a focused and limited domain, and the cost of execution will be low. That limits the scope of your plan, makes is more measurable, and forces you to plan for change.
It was Tom Peters and Bob Waterman (“In Search of Excellence”) who first came up with the “ready-fire-aim” go-to-market strategy. I like it in many cases, since it is action-oriented, it helps streamline and decrease product development time and costs. It also focuses the product and the firm on customer needs rather than technology.
Of course, if you fire without aiming, there’s always a greater chance that you will shoot yourself in the foot. I’ve even seen some entrepreneurs who quickly reload, only to shoot themselves in the other foot. Making your business a game of Russian roulette is not the way to success. If you can’t plan ahead, at least plan to learn from your mistakes.
Reprinted by permission.