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Business management

Validation & testing assumptions

In this module we’re going to look at how to validate your business model and test any assumptions that you have made about your business and customers since starting.

In this module you’ll explore:

  • Why is validating your business model so important?

  • Lean start-up methodology

  • Testing assumptions

  • What is an MVP?

Start by downloading and saving the workbook and use it throughout the module to write notes, reflect on the key points and take time to answer the questions for your own business.

Why is testing your business model so important?

Working with minimal time, money and resources is common when developing a business but continually testing and validating your assumptions will enable you to adapt and learn as you go along.

Watch the first video to understand more about customer validation and adopting lean principles into your business, as well as hearing from some entrepreneurs about the assumptions that they made in the early stages of their business.

Testing assumptions

So you now have a list of assumptions that you have made about your business, your customers, your routes to market etc. Now take some time to watch the next video and understand how to start testing some of these assumptions using the build, measure, learn feedback loop.

What is an MVP?

In the final chapter, we’re going to take a closer look at a Minimum Viable Product (MVP) to understand how you can use simple experiments to test some of the assumptions that you have made about your business and gain valuable customer insights. You’ll also hear from some entrepreneurs about their experiences and what their initial MVP or proof of concept looked like and how it informed their business.

Further Reading

  • Six business rules you should rip up

  • Leadership lessons: channelling fear into success

  • A shared vision for success

  • SME Tools: excellent customer service

Validation and Testing Assumptions workbook

Workbook (PDF, 977KB)

Download

This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of NatWest Group, as of this date and are subject to change without notice. Copyright © NatWest Group. All rights reserved.

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