Test Your Ideas in the Open
Big bets have their place. Sometimes the stakes are high and to be bold and go all-in, you need to think things through and plan accordingly. However, sometimes you are stuck because you are trying to apply a “big-bet structure” to what should be a small project.
Daniel Vassallo has been popularizing the concept of small bets to launch business ideas. Dan Norris explains a similar strategy for testing business ideas in The 7 Day Startup: You Don’t Learn Until You Launch.
Small bets consist in launching an idea quickly. Instead of overanalyzing and overplanning, you make your best estimates and launch in a month or less. If your idea works, you can go on and develop it further. If it doesn’t work, you didn’t spend too much time and money on something with no traction. You can have a portfolio of small bets. With time, you’ll get better at spotting what works and what does not.
I think the ability to quickly iterate over ideas, test them in the open and get feedback is of great value. And of course, it applies not only to business ideas.