We all make assumptions every day, about many things. You make an assumption when you take something as a given, when in fact it may not be 100% true. Assumptions simplify the business world, but they’re also risky. Entrepreneurs should always test their assumptions.
Most businesses would never get off the ground if business owners tested every assumption, as that would take way too much time! However, you must test some assumptions to protect yourself. An incorrect assumption might cause you to miss something important. If you’re unprepared for a situation as a result, your business might not succeed. It’s happened before.
Review this module if you want to:
- Analyze and examine a business idea to ensure that you’ve planned realistic outcomes.
- Write a business plan and more thoroughly research the underdeveloped parts of your business.
- Mitigate the risks involved in a business idea.
So, really, reviewing this model is a good idea for any smart business person! Is that you?
Topic Objective: To learn how to identify and test your assumptions.
Your Outcome: Increased confidence in your strategy.