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A startup can use the concept of long-term optionality and resilience to grow by setting a budget that considers each experiment's impact on the overall portfolio's long-term optionality, near-term impact, resilience, and performance. The financial goal should be to manage overall project risk instead of individual experiment risks. The startup should create a spread of experiments with high and low impact and high and low success rates. Clear rules for when to initiate and stop experiments should be established.
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When you set a budget, consider each experiment's impact on the overall portfolio's long-term optionality, near-term impact, resilience and performance. Your financial goal must be to manage overall project risk instead of individual experiment risks. Create a spread of experiments with high and low impact and high and low success rates. Have clear rules for when to initiate experiments and when to stop them.
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How do you prepare your business for black swan events like pandemics or financial crises? Rogue Waves by Jonathan Brill explores how to prepare for a...
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