“Iterative,” “Failing Forward” and “MVP” were unfamiliar phrases for me when I started my company two years ago. In reading about successful entrepreneurship, I realized that many ideas that help make entrepreneurs successful can also help make compliance officers successful. Ready to challenge your entrepreneurial self? Try out these three ideas.
“Iterative” is defined by the Cambridge Dictionary as, “doing something again and again, usually to improve it.” When one takes an iterative approach, it means that the original version doesn’t have to be perfect. In fact, the first version may not even be terribly good. Instead, it serves as a place to start.
It’s been said that “the perfect is the enemy of the good.” You may feel that you can’t send out a draft of the new Code of Conduct until it’s perfect. You may feel that you can’t give your training until the slides are perfect. Don’t fall into that trap. Start with something. Then iterate into a new and improved version.
2. Failing Forward
Have you ever noticed on shows like “Shark Tank,” the investors favor entrepreneurs that have already owned companies – even if they’ve previously failed? That’s because people learn quickly from failure. Failure is practically deified in Silicon Valley. If you haven’t failed big, the thinking goes, you probably haven’t tried hard enough.
Might you fail? Sure. But it’s just as likely that you’ll succeed. Perhaps this year you’ll offer the ability for employees to test-out of online training. If someone can pass the test before taking the online course, then they don’t have to take it. Perhaps you can try a mobile Code of Conduct or an online app for policies. If you accept that you may fail, you may succeed beyond what you thought was possible.
In the entrepreneurial world, “MVP” stands for “minimum viable product.” This is the idea that you socialize or sell your idea as soon as it is formed enough to test it. If you’re thinking of innovating within your program, roll out the idea to a test group as soon as it is fully formed. By getting feedback on it early on, you can pivot to make your idea more effective.
By employing these entrepreneurial ideas into your program, you can be the MVP – most valuable player – on your team.