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Review Assumptions
Several times you've completed the mental exercise of reviewing assumptions about your business model, the customer, problems, solutions, partners, employees, marketing, you name it. Most likely your assumption list has grown, and shrunk, and grown again. Now with some real operating time under your belt, you can better validate your assumption with data. You can still run experiments related to understanding your business better, but your entire operation is now a giant living experiment. Seek to know as much as you can, but also know that there are times when an educated guess is the best you can do. Connect with others in your network, your advisors, your board if you have one, and colleagues to test yourself and get a second or third opinion with complex decisions.
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You should complete the following tasks before proceeding to the current one.
Assumptions
As new entrepreneurs we have assumptions about our customer, their problems, how to solve the problems, how to reach the customer, how they buy, when they buy, etc. We often assume that once we create something people will just gravitate to it and exchange money. This is a major flaw of our thinking, but it can be fixed with a technique. A way to understand your assumptions is to brainstorm as many things as you can about your customer, their problems and how they'll use your solution. Sometimes it helps to brainstorm with a partner and in several sessions. You might think of an assumption while out for a walk, or in the car, or washing dishes. Uncovering what you are assuming to be true vs. what you KNOW to be true based on fact and data is critical. You might have 10 or 20 or 73 assumptions. There is no right amount, and you will discover more as you get better.Write them on a sticky note. Keep them short. Example: Customer will use an app, customer will pay with credit card, customer doesn't need post-sale support, etc.Once you've brainstormed take all your assumptions organize according the dimensions of 100% known -> 0% know on the X axis. On the Y axis organize them to 100% . It is critical to understand vs. not critical at all. See the graph in the resource guide so help you better visualize this. The end result should be assumptions all over the board but organized in a way that identifies the riskiest assumptions. These are where you need to put time and focus in order to make your business viable. See the video for a deeper explanation.
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Small Business Marketing 101: Using Email, Social, Video and More
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