Entrepreneurs need to test their assumptions if they’re to build a valuable, enduring business. What assumptions did you have when you started your business and how have they changed as your business grows?
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That customers would somehow magically find me. Some did but not nearly enough. Now focusing a lot on marketing.
My first assumption was that it was a straight line and it was possible to walk alone. I then discovered that you must be able to read, write, communicate and work with others to expand your business. it is far from a linear pathway to building an empire.
Working with people is a double edged sword. I learned one of the most important aspect of business is the ability to analyze. Analyzing people, their behaviour, their habits. Analyzing businesses, systems. Analyzing yourself, your identity.
When I started, my assumption was that in the business world people would act professional. Man was I mind blown!
at the beginning, almost everything is an assumption. so much so that when we prepare companies (i work for a VC backed startup accelerator) we get them to do a financial model, and in that model is a sheet call the ‘assumptions sheet’ - every row in that sheet represents a variable in the machine of the business that needs to be verified and proven to be accurate. all initiatives and experiments are focused on validating each row of those assumptions to ensure that the projections of the business become true, or are adjusted based on evidence.
This is great. Startups are experimentation machines and your process to validate assumptions is great.
That you’ll see results quickly. This may be true if you put in a lot of time and effort and have previous experience, but engines & businesses take time to grow. You have to experiment & refine, build relationships & network, & it’s a long game full of testing / iterating on strategy & execution.
As your business grows, you learn what works to drive impact. Don’t let lack of tangible results when you’re first starting out keep you from putting in the work - it will pay off if you are consistent.