Experiments

An experiment is a procedure performed to support, disprove, or confirm a hypothesis. In this lesson, we will learn why are experiments important and what are the components of experiments.

Resource: Pixabay

Experiments (Testing Business Ideas, 2019):

• Are helping with reducing the risk and unpredictability of business ideas,
• Can prove if some evidence is weak or strong and can also prove if that evidence that supports or disproves a hypothesis.
• Can also be fast or slow and cheap or expensive to perform.

What are the components of the experiment?

Hypothesis - You need to test important hypotheses first.

Experiment – Short description of an experiment you will run to support or disprove your hypothesis.

Metric - Measure that you will use during the experiment.

Criteria - The success criteria that you will use to validate your experiment metric.

Resource: Strategyzer

Conclusions

Create multiple experiments for hypothesis, because you can’t get all the information that you need from just one experiment. In real life, it takes several experiments to generate the possibility of a successful business.

Here you have the contents of the lesson in PDF: