Ann Winblad advises entrepreneurs to identify their core business assumptions about product, competition, pricing, and customers, then treat them like cards to be tested and turned into facts. Continually validate or revise these assumptions as part of your strategy.
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I had a young entrepreneur come up and talk about adoption and route to market, saying we're going to have to water down our, our, the integration of our product to make it more acceptable to our core market because they don't really want something so revolutionary. My answer to that was, that's fine as long as you have, you know what assumptions you've made to start, that you've assumed that your customers will only accept this. And keep testing your core assumptions. Boil down your business plan, tell everyone in your company what your 5 top assumptions are for success. So that assumptions I consider like a 52-deck card of cards. That what you hope is over time you can keep turning over those assumption cards and turning them into facts. But when you start, they are nothing but assumptions, they are not facts. Many companies start without knowing what are we assuming about our product, about our competition, about our pricing strategy, and about our customer and our go-to-market strategy. Nothing more than that. Understand those core assumptions, determine if they're true or false. If they're false, change them. If they're true, keep on going.