Entrepreneurs get existential too…

  • Step one: identify a problem you feel close to and figure out who feels this “pain” the most (tip: name and describe these personas).
  • Step two: do your research and get on calls to validate it’s a big problem they actively try to solve (tip: read ‘MOM test’ to ask good questions). For aspirational markets like mental health or climate change, untangle the nature of their non-consumption.
  • Step three: synthesize notes to develop your hypothesis of where there is opportunity (tip: don’t fall into trap of creating a differentiated value prop too quickly, focus on deepening understanding of the problem and ideas will crystallize in parallel).
  • Step four: write down everything that has to be true for your idea to be successful, then rank them based on how concerned you are to know what to test first.
  • Step five: find fast ways to get the evidence you’re looking for. Don’t let confirmation bias work against you! Actively listen and observe themes, don’t overreact to just one person’s opinion or behavior, and carve out time to process all you’ve learned.

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Oren Hodes

Oren Hodes

Founder-in-residence @ Entrepreneur First; Global Shaper @ World Economic Forum; Ex-Accenture; McGill ‘18