1. Step 20: Identify Key Assumptions

2. How to identify key assumptions WORKSHOP
Outline
Overview
How to identify key assumptions
WORKSHOP
November 18, 2018

3. Rank top 5 to 10 assumptions in order of importance
Overview
This step: Determine which assumptions about your venture that have not been thoroughly tested
Rank top 5 to 10 assumptions in order of importance
November 18, 2018

4. At this point, have understanding of:
Overview
At this point, have understanding of:
Who customer is (Beachhead, Persona)
What value you bring to them (QVP)
How they will acquire your product
How much it costs to acquire a customer (COCA)
How much profit the customer will bring you (LTV) …
November 18, 2018

5. Probably based on many assumptions
Overview
Probably based on many assumptions
Now: take step back and think about big assumptions
Test whether they are consistent with how the world works
Not how you think the world works
Not how customers says world works
November 18, 2018

6. But startups tend to skip it
Overview
This step isn’t hard,
But startups tend to skip it
Or trust their intuition instead of actual testing
NOTE: Testing assumptions is Step 21
November 18, 2018

7. Minimum Viable Product
Overview
Minimum Viable Product
Smallest thing you can build that delivers value to customer
Based on Lean Startup methodology
Need to first unpack assumptions and test before developing MVP (Step 22)!
November 18, 2018

8. How to identify key assumptions WORKSHOP
Outline
Overview
How to identify key assumptions
WORKSHOP
November 18, 2018

9. How to Identify Key Assumptions
Review each step in framework thus far
Make list of areas where you made logical conclusions based on primary market research
For example:
Have you correctly identified your Persona’s priorities?
Will your customer find the value proposition attractive?
Are the costs accurate? …
November 18, 2018

10. How to Identify Key Assumptions
Need to take a step back and think holistically about biggest risks
Figure out how you’ll mitigate them before you move forward
Remember: “In concept, concept and reality are the same, but in reality, concept and reality can be very different”
November 18, 2018

11. How to Identify Key Assumptions
Your team has been doing primary market research, so what’s different now?
We now have more complete picture
Can identify assumptions that stand out overall
November 18, 2018

12. How to identify key assumptions WORKSHOP
Outline
Overview
How to identify key assumptions
WORKSHOP
November 18, 2018

13. Identify assumptions from previous steps Use worksheet to get started
Workshop
Identify assumptions from previous steps
Use worksheet to get started
Identify assumption
Rank them in terms of importance
Decide what the risk is if your assumption was wrong
November 18, 2018