Fail fast and move on

If you are trying to make money out of something you have a real passion or love for, that is fantastic - enjoy the journey. I must tell you about my football programme business…! Or perhaps that’s for another day.

My video titled 'Fail Fast, Do Not Waste Time And Move On' is a much shorter dialogue this week, mainly because I am sharing a very clear message that gets straight to the point. In the video we discuss how not everything works out the way we would like or think, so we must learn not to get caught up in trying to making it a success. Accept failure and learn from the experience.

For you to make a business or career out of something it must be financially viable. If it’s not and it’s something that you love doing then that’s fine, but you must realise that it will only ever be a hobby, not a business.

We have all watched Dragons Den, where entrepreneurs present their product or service with their business plan in the hope of receiving investment from the wealthy Dragons. Often the Dragons will ask; ‘how much money and time have you invested in this?’. The answers can be quite shocking and, in some cases, the investment has been hundreds and thousands of pounds along with many years of hard graft.

One of the Dragons then has to deliver the fatal blow; ‘you are wasting your time and your business idea just isn’t financially viable’. In other words 'David, your football programme business just won't make money'. Hey, but I still love them and as long as I'm happy with that, then all is well.

If you are trying something new and it really won't work, it's disappointing but you need to accept it, move on and not invest any more time or money. Remember and learn from the experience for the next opportunity.

In the famous words of Mr Thomas Edison 'I haven’t failed. I've just found 10,000 ways that won't work'.

Sometimes you have to be more brave to walk away than blindly carry on.

Here are my thoughts towards ensuring you are always pursuing worthwhile causes: