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Testing Business Ideas - Coggle Diagram

- - - - We right? Test basic assumptions
      - Course correct rapidly
    - - Break it down into smaller chunks of testeable ideas
        
        Hypotheses
        
        Desirability
        
        Not interest
        
        Feasibility
        
        Cant build
        
        Viability
        
        Cant earn enough money
- - - - Focus
      - Funded
      - Autonomous
      - The need
        
        Questions instead answers
        
        Coach to find the next experiments and probe not only interviews and surveys like a experiments
        
        Access to customers
        
        Enough resources to make progress and generate evidence
        
        KPI to understand whether they are making progress toward a goal.
        
        Coherent strategy to help pivot, continue or kill business ideas
      - Tool (Team Alignment) teamalignment.co
    - - Tool (The Business Model Canvas)
        
        strategyzer.com/books/businessmodel-generation
      - Tool (The Value Proposition Canvas)
        
        strategyzer.com/books/value-proposition-design
  - - - ¿What is the most important hyphotesis that need to be true for my idea works?
      - For which hypotheses do I lack concrete evidence from the field?
    - - Hypotheses are instruments you use to prove or refute your assumptions from business model or strategy
      - What you need to learn about to understand if your business idea might work
      - Advice to write a good hyphotesis
        
        "We believe that millenials parents will suscribe.."
        
        "We believe that millenials parents wont suscribe..."
        
        Testable
        
        True or false based in evidence
        
        Precise
        
        What, who, and when
        
        Discrete
        
        Only one distinct, testable, and precise thing you want to investigate
        
        We believe we can
        purchase science project
        materials at wholesale for
        less than $3 a box
        
        We believe we can ship
        science project materials
        domestically for less than
        $5 a box
        
        Eg
        
        We believe
        
        Who: millennial parents with kids ages 5–9
        
        What: will pay $15 a month
        
        for curated science projects that match their kids’ education level
    - - Explore First - Desirability Hypotheses (Market Risk)
        
        Value Proposition Canvas (Tool)
        
        Customer Profile
        
        We believe that we…
        
        Job
        
        Pain
        
        Gains
        
        Value Map
        
        We believe…
        
        our products and services
        really solve for high-value
        customer jobs.
        
        our products and services
        relieve top customer pains.
        
        our products and services
        create important customer
        gains
        
        Business Model Canvas (Tool)
        
        Value proposition
        
        We believe...
        
        we have the right value
        propositions for the customer
        segments we are
        targeting.
        
        our value proposition is
        unique enough to replicate.
        
        Customer segment
        
        We believe…
        
        we are targeting the right
        customer segments.
        
        the segments we are
        targeting are big enough
        
        the segments we are
        targeting actually exist.
        
        Customer relationship components
        
        We believe...
        
        we can build the right relationships
        with customers
        
        it is difficult for customers
        to switch to a competitor’s
        product.
        
        we can retain customers
        
        Channel
        
        We believe…
        
        we have the right channels
        to reach and acquire our
        customers
        
        we can master the channels
        to deliver value
      - Explore Second - Feasibility Hypotheses (Infrastructure Risk)
        
        Business Model Canvas (Tool)
        
        Key partners
        
        We believe that we…
        
        can create the partnerships
        required to build our
        business
        
        Key activities
        
        We believe that we…
        
        can perform all activities
        (at scale) and at the right
        quality level that is required
        to build our business model
        
        Key resources components
        
        We believe that we…
        
        can secure and manage all
        technologies and resources
        (at scale) that are required
        to build our business model,
        including intellectual property
        and human, financial,
        and other resources.
      - Explore third - Viability Hypotheses (Financial Risk)
        
        Business Model Canvas (Tool)
        
        Revenue Streams
        
        We believe that we…
        
        can get customers to pay
        a specific price for our
        value propositions
        
        can generate sufficient
        revenues.
        
        Cost Structure
        
        We believe that we…
        
        can manage costs from
        our infrastucture and
        keep them under control.
        
        Profit
        
        We believe that we…
        
        can generate more
        revenues than costs in
        order to make a profit.
    - - help you make all risks explicit
        in the form of hypotheses, so you can
        prioritize them and focus your near-term
        experimentation.
      - How to Facilitate
        
        Core team
        
        Supporting team
      - Steps
        
        Identify Hypotheses
        
        Desirability
        
        Feasibility
        
        Viability
        
        Prioritize Hypotheses
        
        x: Evidence (Right: no evidence)
        
        y: importance (Up: important)
        
        Top Right (Important and without evidence)
        
        Test first!
        
        Create experiments
        to address these high-risk
        themes in your business