Armed with an idea for a new business, it’s easy to get excited about the potential. The reality is, your idea is probably built on a shaky foundation of assumptions that we need to validate before investing too much time/money. Our weapons for validating assumptions include research, customer development and experimentation.
As part of my marketing plan I began listing as many assumptions as possible and prioritizing them. In the Lean Startup world, assumptions at the top of the list are known as “Leap of Faith” assumptions because the fate of the venture rests on them. As emotionally taxing as it is, we’ll tackle the assumptions at the top of the list first.
My list of assumptions looks something like this:
Armed with these assumptions I can build an MVP (Minimum Viable Product) with the goal of validating as many of these assumptions as possible in the shortest amount of time/money.