IDENTIFY YOUR HYPOTHESIS

Accelerate your business with these expert tips on "Identify your hypothesis". Analyse and discover this TIP!

In the process of creating your business, a hypothesis is the assertion or assumption that the entrepreneur makes about all the vital parts of his or her business model. They are the ideas that come out of your head and are not contrasted, they are based on intuitions, on statements of the type "I believe that ....". At the beginning of the creation process everything is hypothesis, until we start going out to the street to talk to the clients... unless we have a lot of experience in the sector and we know first hand the client's problem, how to get to him, how much you are willing to pay... etc.

CORE ASSUMPTIONS

A key assumption (also known as a "core assumption") is a fundamental assumption underpinning a business model or strategic plan. These assumptions are related to the critical success factors of the business and represent the assumptions that the entrepreneur makes about his business, the market and the customers. Key assumptions are important because if they are not validated, they can jeopardise the viability and success of the enterprise.

Examples of key assumptions in a company include:

• Customers are willing to pay for our product/service.
• Our product/service is the best on the market.
• Our marketing strategy will attract enough customers.
• Our team has the necessary experience to carry out the project.
• The technology we use is sufficiently advanced to meet the needs of our customers.
• Customers are willing to buy online without seeing or trying the product physically.

These are just a few of the many possible key assumptions that may be relevant to a particular business. It is important to identify which key assumptions underpin the business model and validate them to minimise risk and increase the likelihood of success. Therefore, it is essential that entrepreneurs identify and validate these hypotheses before launching their business. Those assumptions which, if proven incorrect, could jeopardise our business model and force us to pivot (see+ TIP).

RISKIEST ASSUMPTION

Riskiest assumptions are those that represent the greatest risks and critical assumptions a company has about its business model. The riskiest assumptions are those that involve the greatest risk for the business model, either because there is a high degree of uncertainty about them or because they involve a cost/risk that must be carefully controlled. These assumptions have the potential to invalidate the entire business model if not properly tested. Therefore, it is important to identify and test these hypotheses early and rigorously to minimise risk and maximise the chances of success. 

Examples of higher-risk scenarios could be:

• Customers will be willing to pay for our solution because it offers unique functionality not found in the competition.
• Our solution will be more efficient and easier to use than current options on the market, which will attract a large number of customers.
• Customers will be willing to pay more for our solution because it offers added value not found in our competitors.
• The solution we offer is unique in the market, so customers will be willing to pay a premium price for it.
• Our solution offers a solution to a key problem affecting customers, which will increase customer satisfaction and loyalty.

By testing these higher-risk hypotheses, an entrepreneur can gain a better understanding of his business model, identify potential problems and adjust his strategy accordingly. We must also identify, from hypotheses in each of the nine modules of the canvas (see+).

IDENTIFYING CUSTOMER HYPOTHESES

Customer hypotheses refer to the assumptions an entrepreneur makes about its potential customers. These hypotheses are important for the development of the business model, as they allow the company to understand who its customers are, what their needs are and how they can effectively meet those needs.

Some examples of customer assumptions are:

• Customers will be willing to pay for our product/service.
• Customers are dissatisfied with current market options.
• Customers need a more efficient/economical solution.
• Customers value product/service quality over price.
• Customers are willing to buy our product/service online.

It is important to remember that these are only hypotheses and need to be validated through research and interaction with potential customers. That is, about who our customer is. Recall that the hypothesis about who the customer is must be focused on the segment of the early adopters (see+) (never to the mass market)..., as they are the best people to start testing our business model.

Who is your client?

The following are some examples of hypothetical customer segments that an entrepreneur might have when setting up a new business:

1. The potential customers for my product/service are young adults between 18 and 30 years old living in urban areas.
2. My product/service will appeal to business professionals working in the financial sector who need technology solutions to improve their processes.
3. Parents of young children will be my main customer segment, as my product/service is focused on early childhood education.
4. My product/service will be used primarily by people over 65 who are looking to improve their health and well-being.
5. Small local businesses will be my main customer segment, as my product/service offers affordable and customised solutions for their specific needs.

These are just some common assumptions, but it is important to bear in mind that each company is unique and will require assumptions tailored to its specific business model and the needs of its potential customers. To identify the assumptions that have been made about who an entrepreneur's customer segment might be, the following steps can be taken:

1. Identify who are the potential customers for the product or service you want to offer. In this step, the basic profile of the customers should be defined, such as age, gender, geographical location, socio-economic level, etc.
2. Make assumptions about potential customers.. These assumptions must be based on existing market information and must be specific enough to be measured and evaluated.
3. Prioritise the hypotheses and establish an order of importance. This will help focus efforts and resources on validating the most critical and relevant hypotheses.
4. Design a plan to validate the hypotheses. This may include conducting surveys, interviewing potential customers, data analysis, product testing, among others.
5. Measure results and adjust assumptions. Once the data have been collected, they should be analysed to determine whether or not the hypotheses are true. If any hypotheses are found to be incorrect, they should be adjusted and re-validated.

By following these steps, an entrepreneur can identify and validate the assumptions he has made about his customer segment, which will allow him to adjust his strategy and focus his efforts and resources on the right target audience.

DEFINING THE PROBLEM HYPOTHESES

Problem hypotheses are assumptions made by an entrepreneur about the needs, wants or problems of his or her specific customer segment that the business is supposed to solve. These hypotheses must be validated to ensure that the problem is real and important enough to justify the development of a solution. Problem hypotheses may include assumptions about unmet customer needs, deficiencies in existing products or services in the market, costs associated with existing solutions, or any other problem that the entrepreneur believes his or her business can solve. 

Examples of problem hypotheses could be:

• Customers are dissatisfied with the quality of current products on the market.
• Customers are willing to pay more for a product that solves their problems more effectively.
• Customers have problems finding existing solutions that meet their needs.
• There are a large number of potential customers who are underserved in today's market.

Validation of problem hypotheses involves talking to potential customers to better understand their needs and wants, and analysing market data to see if there is a real business opportunity. If the problem hypotheses are successfully validated, this will provide the basis for defining a solution that solves the problem and meets the customer's needs. We must establish the problem we want to solve in a clear and simple way, it must be related to the customer hypothesis (since problems do not exist "in a vacuum", but it is the customers who have the problems).

What is your customer's real need or problem?

Some examples of customer segment hypotheses on real customer problems or needs:

1. University students have problems finding quality and affordable accommodation close to their campuses.
2. Pet owners are willing to pay for high quality pet walking and pet care services.
3. Office workers have ergonomic problems and back pain due to long hours sitting at a computer.
4. Parents of young children find it difficult to find healthy and convenient food for their children in supermarkets.
5. Business owners struggle to find reliable and affordable accounting services for their small businesses.
6. Older people have problems of social isolation and mobility.
7. Casual athletes find it difficult to find affordable, high quality sportswear.

These hypotheses should be validated through market research and discussions with potential customers before making critical decisions in product or service development and company strategy.

IDENTIFY SOLUTION HYPOTHESES:

Solution hypotheses are those assumptions that the entrepreneur makes about how to solve the identified problem and satisfy the needs and wants of the customers. These assumptions are usually related to the product or service to be offered to customers.

Examples of solution scenarios could be:

• The solution we are developing will be more effective than existing solutions on the market.
• Our product/service will be easier to use than current options.
• The solution we are offering will provide a unique customer experience not found in the market.
• Customers will be willing to pay more for our solution because of the additional benefits it offers.
• The solution we are developing is unique in the market and there is no direct competition.
• Our product/service will be scalable and we will be able to adapt it to the needs of our customers as they change over time.

It is important for the entrepreneur to validate these hypotheses through testing and experimentation to ensure that his or her solution really meets the needs of customers and offers a competitive advantage in the market. That is to say, what type of product or service we believe is the best to solve the problem of those customers. Even if we are clear about it, it is a good idea not to include it in the first iteration, as it can limit us in going to market and talking to customers.

The goodness of your solution

Examples of hypotheses about the goodness of the solution provided by the entrepreneur could be:

1. Customers will be willing to pay for our solution because it offers unique functionality not found in the competition.
2. Our solution will be more efficient and easier to use than current options on the market, which will attract a large number of customers.
3. Customers will be willing to pay more for our solution because it offers added value not found in our competitors.
4. The solution we offer is unique in the market, so customers will be willing to pay a premium price for it.
5. Our solution offers a solution to a key problem affecting customers, which will increase customer satisfaction and loyalty.

STEPS TO VALIDATE THE SOLUTION ASSUMPTIONS:

1. Define the hypothesis of the solution: The solution hypothesis is a clear and concise statement of the problem being addressed and the proposed solution. It is important to clearly define the solution hypothesis in order to effectively validate it.
2. Identify potential customers: Identifying potential customers is critical to the validation of the solution hypothesis. It is important to understand who the customers are, what their needs are and whether they are willing to pay for the proposed solution.
3. Create a prototype: Prototyping the product or service is an effective way to validate the solution hypothesis. The prototype can be a simplified version of the product or service that is used to test the solution in a controlled environment.
4. Test the solution: Testing the solution with potential customers is an effective way to validate the solution hypothesis. It is important to get feedback from customers on the prototype and make adjustments if necessary.
5. Measuring results: Measuring the results of the solution test is important to validate the solution hypothesis. It is important to measure whether customers are willing to pay for the solution, whether the product or service effectively solves the problem and whether there is sufficient demand for the product or service.
6. Make adjustments if necessary: if the results are not as expected, it is important to make adjustments to the solution hypothesis and try again. It is important to be willing to adapt and adjust the solution to meet the needs of the clients.

In summary, solution hypothesis validation is a critical part of the process of building a business. It allows the entrepreneur to better understand their customers and create a solution that meets their needs. By following these steps, entrepreneurs can effectively validate their solution hypotheses and build a successful business.

IDENTIFY PRICE ASSUMPTIONS

Some examples of assumptions about the selling price we think our customers will be willing to pay:

1. Customers will be willing to pay a premium price for our solution because it offers unique features and added value compared to current options on the market.
2. We can offer a lower price than the competition and still maintain a healthy profit margin due to our low production costs.
3. By offering discounted prices to first-time customers, we will be able to increase our customer base and attract a significant number of repeat buyers.
4. By constantly adjusting our prices according to market demand, we are able to maximise our profits and remain competitive.
5. By offering different price levels and subscription plans, we can appeal to different customer segments with different budgets and needs.

STEPS TO VALIDATE PRICE ASSUMPTIONS:

1. Define the price assumption: The price assumption is a clear and concise statement of the price to be charged for the product or service. It is important to clearly define the price assumption in order to effectively validate it.
2. Identify potential customers: Identifying potential customers is critical to the validation of the price hypothesis. It is important to understand who the customers are, what their needs are and whether they are willing to pay the proposed price.
3. Create a prototype of the product or service: Prototyping the product or service is an effective way to validate the price hypothesis. The prototype can be a simplified version of the product or service that is used to test the price in a controlled environment.
4. Conduct market research: Conducting market research is an effective way to validate the price hypothesis. It is important to know the price of competitors and compare them with the proposed price to ensure that the price is competitive.
5. Conduct price tests: Price testing is an effective way to validate the price hypothesis. Testing can be conducted on a randomly selected group of potential customers to assess their willingness to pay the proposed price.
6. Measuring results: Measuring the results of price tests is important to validate the price hypothesis. It is important to measure whether customers are willing to pay the proposed price and whether there is sufficient demand for the product or service.
7. Make adjustments if necessary: If the results are not as expected, it is important to make adjustments to the price assumption and conduct additional price tests. It is important to be willing to adapt and adjust the price to meet customer needs.

Price hypothesis validation is a critical part of the business building process. It allows the entrepreneur to better understand their customers and create a price that is attractive and competitive. By following these steps, entrepreneurs can effectively validate their pricing assumptions and build a successful business.

IDENTIFY ASSUMPTIONS ABOUT REVENUE STREAMS AND HOW TO MONETISE

Examples of hypothesised revenue streams and ways to monetise could include:

• Clients will be willing to pay a monthly fee for our service.
• Advertising will be our main source of income.
• We will offer a free basic version of our product, but will charge for additional features.
• We will sell physical products in addition to our online service to generate additional revenue.
• We will use a freemium subscription model to attract customers, but expect many to upgrade to a paid version.
• We will offer discounts to customers who purchase large quantities of our product.
• Customers will be willing to pay more for our premium product, which offers additional features and enhanced service.
• We will use native advertising to monetise our mobile application.
• We will charge a fee for transactions made through our platform.
• We will use a dynamic pricing strategy to maximise our revenues.

STEPS TO VALIDATE MONETISATION ASSUMPTIONS:

1. Define the hypothesis on revenue sources and how to monetise: The revenue streams and monetisation hypothesis is a clear and concise statement of how you will generate revenue and monetise your product or service. It is important to clearly define the revenue streams and monetisation hypothesis in order to effectively validate it.
2. Identify potential customers: Identifying potential customers is critical to validating assumptions about revenue streams and how to monetise. It is important to understand who the customers are, what their needs are and whether they are willing to pay for the product or service.
3. Create a prototype of the product or service: Prototyping the product or service is an effective way to validate assumptions about revenue streams and how to monetise. The prototype can be a simplified version of the product or service that is used to test different revenue streams and monetisation strategies.
4. Conduct market research: Conducting market research is an effective way to validate assumptions about revenue streams and how to monetise. It is important to know the market and competitors to identify different revenue streams and monetisation strategies that can be effective.
5. Conduct monetisation tests: Monetisation testing is an effective way to validate hypotheses about revenue streams and how to monetise. Testing can be conducted on a randomly selected group of potential customers to assess their willingness to pay and the effectiveness of different monetisation strategies.
6. Measuring results: Measuring the results of monetisation testing is important to validate assumptions about revenue streams and how to monetise. It is important to measure whether customers are willing to pay for the product or service and whether there is sufficient demand for the different monetisation strategies.
7. Make adjustments if necessary: if results are not as expected, it is important to make adjustments to assumptions about revenue streams and how to monetise and to conduct additional monetisation tests. It is important to be willing to adapt and adjust the monetisation strategy to meet the needs of clients.

Validating hypotheses about revenue streams and how to monetise is a critical part of the process of building a business. It allows the entrepreneur to better understand how to generate revenue and monetise the product or service. By following these steps, entrepreneurs can effectively validate their hypotheses about revenue streams and how to monetise and build a successful business.

IDENTIFY HYPOTHESES ON MARKETING CHANNELS

Examples of marketing channel assumptions for customer acquisition could be:

1. Potential customers prefer to buy our products through an online shop rather than in a physical shop.
2. Our social media presence is enough to attract a large number of customers to our website.
3. Events and trade fairs are the best way to reach our target audience and generate sales.
4. Online advertising through pay-per-click platforms is more effective than advertising in traditional media.
5. Direct selling is the most effective way to reach our customers and close sales.

STEPS TO VALIDATE CHANNEL HYPOTHESES:

1. Define the marketing channel hypothesis: The marketing channel hypothesis is a clear and concise statement about the channels that will be used to bring the product or service to market. It is important to clearly define the marketing channel hypothesis in order to effectively validate it.
2. Identify potential customers: Identifying potential customers is fundamental to validating marketing channel hypotheses. It is important to understand who the customers are, what their needs are and where they can be reached.
3. Investigate marketing channels: investigating marketing channels is an effective way to validate hypotheses about marketing channels. It is important to understand the different channels used to reach customers, such as online advertising, social media, events and trade fairs, and to evaluate their effectiveness.
4. Create a marketing strategy: Creating a marketing strategy is an effective way to validate assumptions about marketing channels. The strategy should include identifying the channels that will be used to reach customers, the costs associated with each channel, and how the effectiveness of each channel will be measured.
5. Conduct test marketing: Test marketing is an effective way to validate hypotheses about marketing channels. Testing can be conducted on a randomly selected group of potential customers to evaluate the effectiveness of different channels.
6. Measuring results: Measuring the results of test marketing is important to validate assumptions about marketing channels. It is important to measure whether customers are being reached effectively through the different channels and whether there is sufficient demand for the product or service.
7. Make adjustments if necessary: if results are not as expected, it is important to make adjustments to marketing channel assumptions and conduct additional marketing tests. It is important to be willing to adapt and adjust the marketing strategy to meet customer needs.

Validating marketing channel hypotheses is a critical part of the process of building a business. It allows the entrepreneur to better understand how to reach customers effectively. By following these steps, entrepreneurs can effectively validate their marketing channel hypotheses and build a successful business.

IDENTIFY HYPOTHESES ABOUT WAYS OF RELATING TO THE CUSTOMER

Examples of hypothesised ways of relating to the client could be:

1. Customers prefer personalised attention at all times and are willing to pay more for it.
2. Customers prefer an autonomous shopping experience and are not interested in interacting with a sales agent.
3. Customers are willing to buy complementary products if presented with the right offer.
4. Customers expect exceptional after-sales service and are willing to recommend the company if they are satisfied with the service received.
5. Customers value speed of service and problem solving over other factors in their relationship with the company.
6. Customers prefer constant and personalised communication from the company to keep them informed about news and offers.
7. Customers expect an immediate response to their queries and doubts, and value availability and speed of service.
8. Customers prefer a specific communication channel to interact with the company, such as social media, email or telephone.
9. Customers prefer a relationship of trust and transparency with the company, so it is important to maintain honest and direct communication.
10. Customers expect the company to be socially and ethically committed, so they value the company's social responsibility and sustainability actions.

STEPS TO VALIDATE CUSTOMER RELATIONSHIP HYPOTHESES:

1. Define the hypothesis on the ways of relating to the client: The customer relationship hypothesis is a clear and concise statement of how you will interact with customers. It is important to clearly define the customer relationship hypothesis in order to effectively validate it.
2. Identify potential customers: Identifying potential customers is fundamental to validating hypotheses about how to engage with the customer. It is important to understand who customers are, what their needs are and how they prefer to interact with companies.
3. Prototype the customer experience: Prototyping the customer experience is an effective way to validate hypotheses about ways of engaging with the customer. The prototype can be a simplified version of the product or service that is used to test different ways of engaging with the customer.
4. Conduct market research: Conducting market research is an effective way to validate hypotheses about the ways in which we engage with customers. It is important to understand the different ways in which customers prefer to interact with companies and to evaluate their effectiveness.
5. Conduct customer experience testing: Customer experience testing is an effective way to validate hypotheses about the ways in which we engage with customers. Testing can be conducted on a randomly selected group of potential customers to evaluate the effectiveness of different ways of engaging with the customer.
6. Measuring results: Measuring the results of customer experience testing is important to validate hypotheses about ways of engaging with the customer. It is important to measure whether customers are satisfied with the customer experience and whether there is sufficient demand for the different ways of engaging with the customer.
7. Make adjustments if necessary: If the results are not as expected, it is important to make adjustments to the assumptions about the ways of engaging with the customer and to conduct additional tests. It is important to be willing to adapt and adjust the customer relationship strategy to meet customers' needs.

Validating hypotheses about the ways in which we engage with the customer is a critical part of the process of building a business. It allows the entrepreneur to better understand how to interact with customers effectively. By following these steps, entrepreneurs can effectively validate their hypotheses about customer relationships and build a successful business.

IDENTIFY HYPOTHESES ABOUT SOURCES OF FUNDING THAT WE CAN RAISE

Examples of hypothetical sources of funding that could be raised could include:

1. Venture capitalists will be interested in investing in our business because of its growth potential.
2. We can obtain financing through a bank loan to finance our initial operations.
3. Government funding programmes could be a good source of funding for our business.
4. We can raise funding through online crowdfunding to finance our project.
5. A round of funding from friends and family can provide the seed funding we need to launch our business.

Claims that are dangerous if you don't validate them sufficiently before setting up your company

HOW TO VALIDATE FUNDING SOURCE ASSUMPTIONS:

1. Define the assumption on sources of funding: The funding sources hypothesis is a clear and concise statement of the sources of funding that can be used to finance the business. It is important to clearly define the funding sources hypothesis in order to effectively validate it.
2. Identify the different sources of funding: Identifying the different sources of funding is essential for the validation of assumptions about funding sources. It is important to be aware of the different sources of funding that are available, such as angel investors, venture capital, bank loans and crowdfunding.
3. Investigate different sources of funding: researching different sources of funding is an effective way to validate assumptions about funding sources. It is important to understand the different characteristics and requirements of each funding source, as well as the associated terms and conditions.
4. Create a funding strategy: Creating a funding strategy is an effective way to validate assumptions about funding sources. The strategy should include identifying the sources of finance that will be used to fund the business, the costs associated with each source of finance and how the effectiveness of each source of finance will be measured.
5. Conduct funding tests: Conducting funding tests is an effective way to validate assumptions about funding sources. Tests can be conducted on a randomly selected group of potential investors or lenders to assess their willingness to finance the business and to evaluate the effectiveness of different sources of finance.
6. Measuring results: Measuring the results of funding tests is important to validate assumptions about funding sources. It is important to measure whether investors or lenders are willing to finance the business and whether there is sufficient demand for the different sources of finance.
7. Make adjustments if necessary: if the results are not as expected, it is important to make adjustments to the assumptions about funding sources and to conduct additional funding tests. It is important to be willing to adapt and adjust the financing strategy to meet the needs of investors or lenders.

Validating hypotheses about sources of finance is a critical part of the process of building a business. It allows the entrepreneur to better understand how to finance the business and which funding sources are most effective. By following these steps, entrepreneurs can effectively validate their hypotheses about funding sources and build a successful business.

IDENTIFY ASSUMPTIONS ABOUT KEY RESOURCES

Key resource assumptions that could be made include:

1. To operate effectively, our company needs a scalable and secure technology platform.
2. Our company will need a highly skilled team of engineers to develop and maintain our product.
3. Our company needs a strong social media presence to build and maintain a community of loyal users.
4. To be successful in the market, we need to establish strategic alliances with other companies in the industry.
5. To provide a high quality service, we need to have an efficient and reliable supply chain.
6. Our company needs a network of quality suppliers to ensure the availability and quality of the products and services we offer.
7. To provide exceptional customer service, we need to hire a highly skilled and experienced customer service team.
8. Our company needs a strong marketing budget to increase brand awareness and attract new customers.
9. To be competitive in the market, we need access to emerging technologies and data analysis tools.
10. To succeed in the industry, we need a strong intellectual property strategy and a strong patent portfolio.

STEPS TO VALIDATE HYPOTHESES CONCERNING KEY RESOURCES

1. Define the hypothesis on key resources: The key resource hypothesis is a clear and concise statement of the resources needed to build and operate the business. It is important to clearly define the key resource hypothesis in order to effectively validate it.
2. Identify the key resources needed: Identifying the key resources needed is fundamental to validating key resource assumptions. It is important to know what resources are needed to build and operate the business, such as technology, personnel, materials and physical space.
3. Assess the availability of key resources: assessing the availability of key resources is an effective way to validate assumptions about key resources. It is important to know the availability of resources in the market and to assess whether they are available at a reasonable price.
4. Identify alternatives to key resources: identifying alternatives to key resources is important to validate the assumptions about key resources. It is important to have alternatives to key resources in case they are not available or affordable.
5. Test key resources: Testing key resources is an effective way to validate assumptions about key resources. Testing can include assessing the effectiveness of technology, staff training and retention, quality of materials and adequacy of physical space.
6. Measuring results: Measuring the results of tests with key resources is important to validate assumptions about key resources. It is important to measure whether resources are effective and whether they are being used efficiently.
7. Make adjustments if necessary: if the results are not as expected, it is important to make adjustments to the key resource assumptions and conduct additional testing. It is important to be willing to adapt and adjust the key resource strategy to meet the needs of the business.

Validating assumptions about key resources is a critical part of the process of building a business. It allows the entrepreneur to better understand what resources are needed to build and operate the business effectively. By following these steps, entrepreneurs can effectively validate their assumptions about key resources and build a successful business.

IDENTIFY ASSUMPTIONS ABOUT KEY PARTNERS

Examples of key partner hypotheses could be:

1. We need to partner with a reliable logistics provider to ensure fast and accurate deliveries to our customers.
2. We need to build relationships with digital marketing companies to help us increase our online visibility and attract more customers.
3. It is important to collaborate with technology companies to develop new tools and improve efficiency in our business.
4. We need to establish a partnership with a leading company in our sector to help us establish ourselves as a trusted brand in the market.
5. We need to work with a strategic partner to access new markets and increase our global presence.

STEPS TO VALIDATE KEY RESOURCES

1. Define the hypothesis on key partners: The key partner hypothesis is a clear and concise statement of the partners needed to build and operate the business. It is important to clearly define the key partner hypothesis in order to effectively validate it.
2. Identify the key partners needed: Identifying the key partners needed is fundamental to the validation of key partner assumptions. It is important to know the partners needed to build and operate the business, such as suppliers, strategic partners, investors and collaborators.
3. Assess the availability of key partners: Assessing the availability of key partners is an effective way to validate assumptions about key partners. It is important to know the availability of key partners in the market and to assess whether they are available and willing to collaborate with the business.
4. Identify alternatives to key partners: identifying alternatives to key partners is important to validate assumptions about key partners. It is important to have alternatives to key partners in case they are not available or not suitable for the business.
5. Conduct tests with key partners: Testing with key partners is an effective way to validate assumptions about key partners. Testing can include assessing the effectiveness of the partnership, the quality of the products or services provided, and the appropriateness of the terms and conditions.
6. Measuring results: Measuring the results of testing with key partners is important to validate assumptions about key partners. It is important to measure whether partners are effective and whether they are providing value to the business.
7. Make adjustments if necessary: if the results are not as expected, it is important to make adjustments to the key partner assumptions and conduct additional testing. It is important to be willing to adapt and adjust the key partner strategy to meet the needs of the business.

In summary, validating hypotheses about key partners is a critical part of the process of building a business. It allows the entrepreneur to better understand which partners are necessary to build and operate the business effectively. By following these steps, entrepreneurs can effectively validate their key partner assumptions and build a successful business.

IDENTIFY COST STRUCTURE ASSUMPTIONS

Examples of cost structure assumptions may include:

1. Our fixed costs will be low, allowing us to offer more competitive prices than our competitors.
2. The cost of customer acquisition will be high, but will pay off in the long run through customer loyalty.
3. Our production costs will decrease as our sales volume grows.
4. We will use high quality materials for our products, which will increase our cost of production, but also our ability to offer added value to customers.
5. We will focus on maintaining a flexible cost structure to adapt to market needs and economic fluctuations.
6. We estimate that our marketing and advertising costs will be high in order to be known in the market and to generate demand.
7. Our staff costs will be relatively low due to our ability to automate processes and leverage digital tools.
8. We will implement cutting-edge technology to reduce costs and increase our efficiency in day-to-day operations.
9. Our cost structure will be based on the use of external suppliers to minimise fixed asset acquisition costs.

Hypotheses must be validated and verified as the enterprise is being created and developed, otherwise they may generate risks and errors that can affect its success. To validate hypotheses, entrepreneurs should conduct tests, market tests, surveys, customer interviews and concept tests, among other techniques. In this way, they will be able to adjust and improve their business model and make informed decisions to grow their business (see TIP validation).

VALUE ASSUMPTIONS

Excellent article on types of value assumptions (see+). The article "On which hypothesis have you built the future of your company: Lean Startup" by Javier Megías, focuses on the importance of hypotheses in the creation and development of a company. Megías begins by describing the fundamental idea behind Lean Startup, which is the focus on validating the key hypotheses that form the basis of the business. He stresses that instead of focusing on developing a complete product or service and then launching it in the market, it is more effective and efficient to focus on testing critical hypotheses and discovering what customers really need.

The author then lists some examples of key assumptions, such as the market need for the product or service, the price customers are willing to pay for it, the effectiveness of the distribution channel and the cost of customer acquisition. Megías emphasises that these hypotheses must be validated before launching any product or service in the market. In the article, Megías also offers some practical advice on how to validate hypotheses, including conducting interviews with potential customers, observing customer behaviour, using analytical tools and conducting experiments to test hypotheses.

In addition, Megías stresses the importance of being agile and being prepared to pivot in the event that initial hypotheses are found to be inaccurate or ineffective. Overall, the article highlights the importance of hypothesis validation in the process of creating and developing a company and offers practical advice for those looking to improve their Lean Startup approach.