As an Entrepreneur, You Will Need to Escape Following Assumptions

Many activities in your business that you as an entrepreneur will take will be based on assumptions. Therefore, the directions in which your business will move will be based on such hypotheses.

Sometimes we do not have enough information to make a good decision, but we need to decide. So, the decision will be guided by the assumptions.

However, some hypotheses are really dangerous for entrepreneurs and businesses in general.

Some of the most important decisions for your business simply cannot be based on unconfirmed assumptions, especially if you are in the phase of starting your business.

What are these assumptions that you will need to escape before their confirmation?

The answer is simple. There are two kinds of assumptions on which most of the businesses based their business models:

  • Assumptions for what your customers really want.
  • Assumption for what type of features need to be included in your product.

First Assumptions: What is something that your potential customers want?

The success of the business will depend on whether the business succeeds in supplying offer that is completely in line with what customers want.

In this you can’t make assumptions, simply customers something wants or does not want. Your job as an entrepreneur is to discover what they really want and to implement it as a foundation for your business.

You need to continually analyze, test, try to, and adjust your business model in terms of customer’s needs, but based on the right information.

Second Hypothesis: What types of features need to be incorporated into your product/service?

Same as what customers want, also the products and services will need to be designed on the basis of customers’ real needs. You don’t make your product for you, but for your customers. If more features of the product or service are according to customers’ needs, the greater will be the likelihood that the business will succeed.

Here, there are no opportunities for improvisation, which will be based on unconfirmed assumptions. You must provide quality information to make the right decisions for the future development of the product or service.

Try your assumptions only as a starting point for getting confirmed information and not a basis for building your business.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan