Why is business testing important? – Upgrade your mindset
Strategyzer – Master Business Testing
7 out of 10 business ideas fail because we build things nobody is interested in. In the process we waste huge amounts of money and time. Upgrade your mindset from executing business plans to de-risking business ideas.
What is business testing? – Learn the testing process
Maybe you’ve heard of testing before but you don’t know where to start. In this chapter you learn the core concepts, steps and language you need to begin testing with your team.
What are the biggest risks to your idea? – Identify and prioritize hypotheses
You know your idea has potential but at the beginning it’s really just a set of guesses. Ask yourself, what needs to be true for your idea to work and capture these as testable hypotheses. By getting your hypothesis right, you will set yourself up for testing success.
How do I address the risks? – Design strong experiments
Many of us are unfamiliar with running business experiments. As a result, we often choose the wrong experiment, or design it in a way that produces misleading results. Learn how to select the right experiment, for the budget you have, and the type of hypothesis you’re testing.
How do I make sense of the data I collected? – Collect evidence and generate insights
Once you’ve run an experiment you might feel overwhelmed by the data that comes back. We’ll show you how to capture the evidence in an efficient manner as you collect it, and how to draw useful insights from a mix of qualitative and quantitative data.
When have I learned enough to decide whether I’m right or wrong? – Take appropriate actions based on evidence
Is there enough evidence? Is the evidence strong enough? Is the evidence suggesting a change in the design of my business idea, or can I address the next risk? Learn when to take the appropriate action: collect more evidence, move to the next important hypothesis, pivot or kill your idea.
How do we manage and measure our progress? – Use the Progress Board
Imagine you have several team members, working on multiple hypotheses, collecting various types of data – it can quickly get very messy. Use the Progress Board to track who’s doing what, and the Innovation Scorecard to quantify how much risk you’ve reduced.
How can we share our learnings with stakeholders? – Confidently present the evidence
There will be times when you need to report to leadership and decision makers, pitch to an investor, or get advice from a mentor. Use the pitch template to tell a story about what you’ve learned and suggest a path forward for your idea.