The method to find the right path as an entrepreneur
The step-by-step framework which leads you to the best decisions for your business
Read Time: 5.10 Minutes
Every business is different. So every business calls for its own way of finding the right ideas to follow. Besides the right mindset, you need an open step-by-step process to get to those ideas.
In terms of your domain, this step-by-step process can be specific and differ, but in its core there is an universal procedure for all kinds of businesses, which helps you to find the the most valuable options to choose from.
Every entrepreneur has one core mission and this is, to solve problems for a specific customer. This requires to find the most vital solutions to solve these problems.
Your step-by-step process have to come with some certain traits. The process should be influenced by research. Means, have to be un-biased, have to be result-driven, and should contain testing every viable solution in repeatable experiments.
Here is an overview of the universal method to find the right path for your business:
The step-by-step guide
As stated above, to implement and follow these instruction for the process in the correct way, you have to apply the thinking of a researcher who is working on a study.
Frame the Problem you want to solve
Write down the problem you want to solve. Be specific here and may break it down to smaller problems.
Be customer-centric, even if you look for solutions to your own problems.
Validate the problem
At this point you have to get precise. Make sure the problem exists at all.
Sometimes you recognise at this stage, that the problem is maybe there but don’t need to be solved.
So talk to your customers or rethink if this problem is affecting your business at all.
Find ideas to solve the problem
This is the creative part. Start to think about all possible ideas to solve the problem.
Use in addition contrarian thinking. The best solutions are often unobvious.
But be aware, not every complex problem needs a complex solution. Think in simple terms.1
Choose the most promising hypothesises for experimentation
Qualify and look for the most promising ideas to line up tests.
Use growth thinking to identify the hypothesis with the highest impact on your business.
The result should be a shortlist of ideas you can test in the next stage.
Build customer-centric experiments to test your hypothesises
Set up experiments for every hypothesis you want to test.
Use lean thinking. Every experiment should only use the minimal resources it needs to proof or disprove the hypothesis. (time is a resource too)
Build different versions of the experiment and test as often as you can.
Test, Test, Test
Run the tests.
If you recognise that they measure the wrong KPI or event, change them. Like a researcher, be open regarding the results.
Don’t bias your experiments with a result in mind. Run different variants.
And stop the experiments when they proofed or disproved the hypothesis.
Qualify and interpret the results
Collect the results and put them into perspective.
If you found a promising solution, follow up and test at a bigger scale or with other variants to find an operating blueprint for the implementation of your results.
Disproving a hypothesis is a good result too. At least you know that the hypothesis was incorrect then.
Repeat
You should repeat the whole step-by-step process not only when you disproved a hypothesis.
You should test assumptions and possible option at all times.
The end of a process cycle is also the start of a new cycle.
Final conclusion
To use an universal blueprint to approach and find success in every kind of business, you need a combination of the right mindset and the right method.
In the past, research lead the way to find answers to many complex questions in a range of different topics. Enough proof that businesses can learn from this school of thought too.
Following this blueprint, helps you to set up a process of finding answers to even hard problems.
Implement this framework into your day-to-day operations, and with the addition of time you will find ideas your competition may never find.
This was the second chapter of the two part series about “The only universal blueprint you need as an entrepreneur”.
The method to find the right path as an entrepreneur
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First Principle Thinking - by Farnam Street