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Testing Business Ideas: How to Figure Out if You’re On the Right Track Today! (FS304)

How do you go about testing business ideas? How can you test one easily and quickly? In what ways can using tests like these help you to grow and propel your business forward?

Running experiments can teach you so much about how to progress. What areas need attention? What is possible? There may be things that you thought were beyond you that are completely achievable!

In this episode, we talk about testing business ideas by running business experiments. We talk about how to structure them to gauge success, build confidence and jump to the next level. We talk about engines of growth, goal setting, clarifying the process and how asking yourself what you want can kickstart this mode of thinking.

This discussion also covers five essential areas of these tests and Aiden breaks down the anatomy of the test body! Included are controls, variables, experiment structure and more. We use the “growing an audience” example to explain these parts so that you can go out and get started testing business ideas right away!

For all that and whole lot more, join us today!

Listen to the episode:

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Key Points From This Episode:

  • What is a business experiment? [0:07:22.4]
  • Maintaining momentum and laying out enough track for your train. [0:12:02.8]
  • Heading out into the unknown and using an experimental approach. [0:16:01.2]
  • Don’t be a donkey! Make some decisions and take some action! [0:20:30.5]
  • The difference between lookers and leapers. [0:23:01.1]
  • An overview of the five elements of a great business experiment. [0:30:40.9]
  • The intuitive gut feeling around uncertainties and ambitions. [0:37:58.0]
  • Variables at the heart of your business. [0:44:10.4]
  • The controls and keeping parts of the experiment static. [0:52:10.6]
  • Focussing on specific and consistent engines of growth. [0:59:30.3]
  • Designing your own tests and experiments according to what you need. [1:04:51.3]
  • And much more!

Links Mentioned in Today’s Episode:

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