Lessons Learned - Week 3
During the third week of LEP we started on developing hypotheses about our business idea to be tested in the next step. We rated hypotheses as those that would “kill the business” and those that would “not kill the business”. Moreover, we ranked the hypotheses according to their likelihood to be true and their impact on the business idea.
The hypotheses we believe are most important are:
People have an organization problem.
People want to organize digitally
People want to use a tool to organize.
Moreover, during class many have mentioned that data security issues could be a concern to we added:
People have no data security concerns when organizing their administrative documents digitally.
These are the hypotheses that we believe could kill the business if true. To get further information on our hypotheses, check the following graphic with our most important hypotheses ranked according to their likelihood to be true and their impact on the business idea.
While working on our hypotheses we discovered further learnings we want to share with you. Have fun checking them out:
USE THE TOOLS PROVIDED TO DEVELOP HYPOTHESES!
When developing hypotheses, we found the tools provided – namely the two-step process of formulating and ranking hypotheses – very helpful. With the tools provided we found it quite easy to make quick progress on the arduous process of hypotheses development.
FORMULATE HYPOTHESES NARROW ENOUGH SO THAT THEY ARE OPERATIONAL, AND CAN BE TESTED WITH MEANINGFUL RESULTS!
We realized that our first hypotheses were broadly formulated. The broad formulation makes testing difficult. The hypotheses were consisting of many individual assumptions in themselves. Going forward we had to develop sub-hypotheses to get to a point where hypotheses were operational enough to be tested with meaningful results.
CONSIDER TESTING HYPOTHESES THAT ON FIRST SIGHT DO NOT SEEM MOST IMPORTANT!
When developing hypotheses, we divided the formulated hypotheses into the ones that would kill the business if true and those that would not. However, we realized that even hypotheses that would kill the business if true could have a significant effect on further idea development. What kind of app do customers want? What documents do they want to store? Testing these “not-killer”-hypotheses can derive meaningful information that makes success more likely.
All the best! Your fload team!
