To avoid the trap of committing to a business concept that doesn’t pan out, test your ideas rigorously. Testing helps you avoid investing in ideas that might lead you astray with false hopes of gain. “Testing is the activity of reducing the risk of pursuing ideas that look good in theory but won’t work in reality. ” You test ideas by conducting rapid experiments that allow you to learn and adapt.”
Use design thinking to transform nebulous ideas into well-thought-out value propositions and powerful business models. Careful forethought can boost a venture’s profitability and strengthen your competitive position.