Power of Experimentation

This week’s reading on “Disciplined Entrepreneurship” provided hands on techniques to deal with uncertainties that are part of any business and especially a startup. It suggested conducting experimentation as a means of managing uncertainty. The first step it outlines is to make a working hypothesis and then testing to see the extent to which this hypothesis holds true in the real world. It also emphasizes on understanding what road bumps are “deal killers” and what are the “big bets” that can make your project a success. The third point it made was regarding having enough cash flow to continue experimentation so that you can stabilize your business model.

Keeping in mind the framework outlined above I believe that it is time for me to reach out to my target market and test my business model. In the coming week I will be reaching out to subsets of key stakeholders and put my assumptions/ reservations on trial. While I will be further developing my list of questions to ask, the following capture the basic essence of what I would like to learn:

Students:

1. Do you think there is an existing rural urban divide?
2. Have you lived in a village? How was your experience?
3. Are you interested in working with a rural community for its socio-economic development?
4. Do you have the necessary skills to make a positive impact on the host community?
5. Would you be willing to participate in this exchange program?
6. How much would you be willing to pay for this program?
7. What facilities will you need for the duration of this program?
8. Will you be willing to live with a host family in a village?
9. What cultural barriers will the rural community need to be aware of?

Rural Community:

1. Would you like to host a student in your home in exchange for compensation?
2. Will you be able to provide basic facilities required by the visitor?
3. Will you be open to receive training and apply its lessons on how to host a student?
4. Are you interested in helping/guiding the visitor to work on a community project aimed at socio-economic development?
5. What cultural barriers will the visitor need to be aware of?

MNC’s:

1. Will you be willing to fund a community based project?
2. Would you consider this exchange as relevant work experience?
3. What sort of skills do you see in a candidate you would like to hire?
4. What personal development exercises can we incorporate to ensure that students graduating from our program would have the skill set your organization looks for?

Conducting primary research will give me an idea of how strong my business model is and whether or not key stakeholder will give me their buy-in. This method of inquiry will give me an idea of my unknown unknowns as well as outline what are the “big bets” and “deal killers” so that I can plan in advance to deal with each accordingly.