More recent work by Tom Peters (Thriving on Chaos: Handbook for a Management Revolution [New York: Knopf/Random House, 1987]) urges innovating managers to “fail fast”—to pursue new business ideas on a small scale and in a way that generates quick feedback about whether an idea is viable. Advocates of this approach urge corporate executives not to punish failures because it is only through repeated attempts that successful new businesses will emerge.
