All business plans are full of assumptions. And while we can’t accurately say whether a business will be profitable, we can focus on making educated assumptions.
On today’s episode, host Roland Frasier tackles mental models and business assumptions. He also goes through basic strategies world-leading thinkers use to solve complex problems.
We all make assumptions. In fact, anything you can’t prove is an assumption. Unfortunately, many of our assumptions are incorrect, which is why Roland believes business owners must embrace the idea of first principles. The first principles concept is essentially breaking down complex problems and then reassembling them from the ground up. All this starts with questioning your beliefs and drilling down to the foundational truths of a problem.
Tune in to learn how you can stop making assumptions in your business, see the bigger picture, and make decisions based on actual facts.
IN THIS EPISODE, YOU’LL LEARN:
- The advantages of questioning your beliefs and assumptions in business
- Validation testing and why it’s so important
- First principles and the building blocks of true knowledge
- Why focus groups don’t always give an accurate picture of reality
- Comparing the effectiveness of customer surveys versus online reviews
- How to create a business model based on facts and not assumptions
- How world-leading experts solve problems through fundamental assumptions
- What happens when we stop assuming and start testing facts?
LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
- Ask Roland and Ryan a question HERE.
- Get $300 of your virtual assistant from Belay when you text “LUNCH” to 55123
- Get my book, Zero Down, FREE
Thanks so much for joining us this week. Want to subscribe to Business Lunch? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!