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- Assumptions typically fall into four categories.
- As a team using hybrid approach, consider each question, rate it:
- - 1-5 based on level of expected importance (5 is most important)
- - 1-5 based on confidence level (5 is least confident)
- Will end up with a score between 2 and 10 for each question. Pick the ones with highest scores as key assumptions, and answer them as soon as possible.
- Customer Value
- Customer Needs
- - Do I know what customer needs I am solving? And how do I know? Need facts.
- - Are there particular segments I am addressing?
- - Who are they?
- - What product are they buying today?
- - Why will they switch over to my product?
- - How big is it?
- - How fast is it growing?
- Competition
- - How am I different than other products or services? And how do I know? How can I keep my advantage? How do I protect my IP?
- - How will competitors react? How do I know?
- Pricing
- - How am I pricing my product or service? And why? Who is paying?
- Partners
- - Who do I need to work with to be successful? Are there companies that need to cooperate with me? How do I convince them to join me?
- Technology and Operations
- Planning and Operations
- - What tasks, exactly, need to be done to make this work?
- - How will I structure the tasks to learn as I go?
- - What drives my costs?
- Staffing and Hiring
- - Who is going to do these things?
- - Do I have the talent already? If not, how am I going to get it?
- Technology
- - How will I develop and maintain my underlying technologies?
- Building for the long term
- - What needs to be done for the long term?
- - How will I build a startup that ultimately doesn't need me?
- Sales and Marketing
- Channels
- - What types of sales channels am I using to go to market?
- - How will I get these channels onboard? What value will I need to give them (30% margin, 20% margin, list of names and addresses, an investment in my company... I get the point)?
- - Who is handling what aspects of sales in my organization? Who is handling prospecting, customer calls, returns, customer service?
- Customer Acquisitions
- - How am I getting new customers?
- - What is the cost of getting a customer (CAC) ? How much am I paying for marketers, sales incentives, referral fees?
- Optimization
- - How do I know these sales methods are working or not?
- - How am I going to learn as I go?
- - How will I measure success?
- Financials and Profit
- Projections
- - What are my financial projections? How do I justify them?
- - How will I improve them as I go?
- Investment
- - How much money do I need to build the product or service?
- - How will I get that money?
- - How can I order my investments to maximize value and learning?
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