What is a Post Mortem in Entrepreneurship?
A
post mortem in the context of entrepreneurship is a process where entrepreneurs and their teams analyze their
startup's failure or significant setbacks. This exercise helps identify what went wrong, what could have been done differently, and the lessons learned. The ultimate goal is to improve future ventures and avoid repeating the same mistakes.
Learning: Understanding the root causes of failure provides invaluable insights.
Improvement: Identifying mistakes helps in refining strategies and approaches.
Closure: It offers a formal process for acknowledging and moving past failure.
Transparency: Encourages open communication within the team.
Key Questions to Address in a Post Mortem
To conduct an effective post mortem, consider addressing the following questions:What Were Our Initial Goals?
Start by revisiting the
initial goals and objectives of your venture. Were they realistic and well-defined? Understanding the gap between expectations and outcomes is crucial in diagnosing what went wrong.
What Went Right?
It’s important to acknowledge and document what worked well. Recognizing these successes can help you build on them in future projects.
What Could We Have Done Differently?
This question is about identifying alternative actions that could have potentially led to a different outcome. It’s an exercise in critical thinking and
problem-solving.
What Did We Learn?
Summarize the key
lessons learned from the experience. This will serve as a reference for future ventures and help avoid repeating the same mistakes.
What Are the Next Steps?
Based on the insights gained, outline actionable steps for the future. This could involve changes in strategy, team roles, or even pursuing a new
business idea.
Best Practices for Conducting a Post Mortem
To ensure a productive post mortem, follow these best practices:Create a Safe Environment
Encourage open and honest communication without fear of blame. The goal is to learn, not to point fingers.
Be Objective
Focus on facts and data rather than opinions. This will help in making unbiased assessments.
Involve the Whole Team
Include all stakeholders in the discussion. Different perspectives can provide a more comprehensive understanding of the issues.
Document Everything
Keep detailed records of the discussion and insights. This documentation can be a valuable resource for future reference.
Follow Up
Ensure that the lessons learned are implemented in future projects. Regularly revisit the post mortem findings to keep them relevant.
Conclusion
Post mortems are a vital tool in the entrepreneurial journey. They offer a structured approach to learning from failures and setbacks, which is essential for growth and
innovation. By asking the right questions and following best practices, entrepreneurs can turn their experiences into valuable lessons that pave the way for future success.