No matter which industry you work in or where you come from, starting a business inevitably means entering the Land of Assumptions. This is a place where your ideas are untested, your customer segments are theoretical, and your market predictions are yet to be proven.
At the outset, all entrepreneurial ventures are built on assumptions. We identify problems, brainstorm solutions, and spot opportunities, all based on what we believe to be true about our target customers, the market landscape, and the desirability of our products or services.
The Reality of Assumptions
Consider these examples of fundamental questions:
- Will people use and buy your product?
- Can you reach your target group through your channels?
- Is the technology you use feasible?
Your initial answers to these questions are assumptions. Recognising them as such is crucial. If you treat these assumptions as facts and move forward without validation, you significantly increase your risk of failure and might miss early signs that a pivot is necessary.
Navigating the Land of Assumptions
So, how do you navigate this uncertain terrain? Here’s a roadmap:
- Map Out All Assumptions: Start by listing all your assumptions. Think of it as identifying all the landmarks and places of interest on a map of a new country.
- Prioritize: Determine which assumptions are critical to your idea’s success. What absolutely has to be true for your business to work? Just like planning a vacation, you prioritize key destinations and create a logical route.
- Experiment & Test: Now it’s time to validate your assumptions. Engage with potential customers, conduct market research, and develop prototypes. This is akin to calling different hotels and agencies to inquire about availability and offers, ensuring your plans are feasible.
Remember, every successful entrepreneur starts in the Land of Assumptions. What sets them apart is their ability to map, prioritise, and test these assumptions until they build a validated and viable business.
Feeling Lost?
Navigating the Land of Assumptions can be daunting, but you don’t have to do it alone. If you need a guide to help you on your journey from a raw idea to a validated business case, let’s talk. Book an introductory call and let’s explore how I can assist you in turning your assumptions into solid business foundations.
Feel free to reach out and let’s transform those assumptions into actionable insights!