In this module we’re going to look at how to validate your business model and test any assumptions that you have made about your business and customers since starting. We’re also going to cover some of the key tools and methodology that will help in this process including lean methodology, build, measure, learn and the customer/client development model.
In this module you’ll explore:
Why is validating your business model so important?
Working with minimal time, money and resources is common when developing a business but continually testing and validating your assumptions will enable you to adapt and learn as you go along.
Watch the first video to understand more about customer validation and adopting lean principles into your business, as well as hearing from some entrepreneurs about the assumptions that they made in the early stages of their business.
So you now have a list of assumptions that you have made about your business, your customers, your routes to market etc. Now take some time to watch the next video and understand how to start testing some of these assumptions using the build, measure, learn feedback loop.
In the final chapter, we’re going to take a closer look at a Minimum Viable Product (MVP) to understand how you can use simple experiments to test some of the assumptions that you have made about your business and gain valuable customer insights. You’ll also hear from some entrepreneurs about their experiences and what their initial MVP or proof of concept looked like and how it informed their business.