“Take a big bet and focus your energy to get the best result” – common advice by many corporate managers! There is a possibility that these folks are just relaying someone else’s words or trying to live up to what they have just read/heard. This is the borrowed knowledge!
Ask an entrepreneur. Sure shot answer will be – “Take small bets as many as you can. Fail frequently and experiment continuously!” This is earned knowledge – the experience!
Constant small-scale experimentation will help navigate uncertainty and develop next steps. Determine in advance how much you can afford to lose in your experiments, and expect to lose it. Consider it the price of experience!
Don’t try to avoid failure. Take the result as it comes and fine tune next steps, design new experiments, measure different parameters!
Design thinking is all about progressive elaboration of ideas, non-stop improvisation, rigorous prototyping and low-risk efforts to achieve better yield than the previous one!
No matter where you are – Small bets rule the world of innovation!
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