Question

Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale

Answer 1

The best pactices that can reduce the chances of failure are

1) Maximise your resources- The resources can be maximise in following ways

(i) Use valuable free resources for business that you can to when you need.

(ii) Invest in quality branding

(iii) Think from your customers Prospective

2) Build a learning culture- Culture is a product of people, processes and systems that define the company's name and all that it stands for. You don't change culture without changing behaviour and you only change behaviour at scale through the system and processes that guide the company's daily execution.

3) Leverage your network- There are five types of people in the network: Family, Friends, Uppers, Downers and Influencers.

4) Have an Minimum Viable Product- A minimum viable product is the least amount of product or service you can bring to market while achieving two objectives are maximising value to the customer and minimising costs.