Tiger BufordYour Orthopedic Industry Expert (free today)

How to Use Failure to Your Advantage

12 Jul 2024 · 1 min

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Tiger Buford explains how to structure experiments with minimal downside and large upside. Richard Branson leased a single aircraft for Virgin Airlines, keeping the option to return it if the venture failed. This asymmetric risk approach lets you test big ideas without betting the company.

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fail without hurting the company. You can fail without screwing things up. And one of the best examples is Richard Branson. When he started Virgin Airlines, he started with one plane and he went to Boeing or something and he rented a plane for a year. And if the business had failed, he had the contractual right just to give the plane back. So, he had very little downside risk. And, and he tried it and it worked, and he started an airline company. So do things that have very little downside and a big upside, you know, asymmetric risk.