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How to Test Your Assumptions by Jon Fjeld

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How to Test Your Assumptions

When you’re developing a strategy for a new business, testing assumptions in a logical order gives you the best chance to make course corrections early — and not waste time and money.

For a new business to succeed, many assumptions have to prove true. Testing assumptions in a logical order gives the team the best chance of making course corrections early — and not wasting time and money. In this essay, I outline a method for (1) identifying the assumptions or unknowns and (2) resolving these assumptions on the basis of three parameters: severity, probability, and cost of resolution.

Between stints in academia, I spent more than 20 years in marketing, engineering, and general management in both ...

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