4 Questions to Challenge the Quality of Your Business Idea
Defeating confirmation bias in the idea stage of a start-up is crucial, and these 4 questions can help you achieve this.
Whilst no entrepreneur likes it, their business idea must be challenged before it becomes a living breathing company.
We’re all prone to confirmation bias, whether we like it or not. Instinctively, we cling onto the first piece of evidence we can find — valid or not — to back up our beliefs. It is the greatest risk facing any lone entrepreneur. To be consumed by their mental limitations.
The excuses are well known when a business idea fails to take off. ‘I didn’t have the cash-flow’ or ‘The team wasn’t right’.
Whatever.
Although they could all be right, peel back the layers as you would in a game of pass the parcel and the real reason will tumble out at the end of the game. Confirmation bias beat you. Thoughts such as ‘If I was a customer, I’d buy one’ or ‘I know I can do it better as the service I received was rubbish’ all stem from our mental biases.
How does an entrepreneur guard against human fallacies like confirmation bias?
