The Ramblings
of a Serial

Fortune Favors the Tested

You are in a never-ending race of time and cash.

44% of businesses die because they run out of cash. Life and death is decided by whether you have a reliable way to generate cashflows before the bank balance hits zero.

Most businesses (including yours?) are doing one of two things:

  • Doing what you’ve always done, or
  • Guessing what works and trying that

Both of these non-strategies will put you in the 44% deadpool.

If you’ve wondered why growth feels elusive or hard, it’s because you don’t have a process to quickly find out what will work for you in your situation.

You won’t find it on social media, YouTube, or a book. There isn’t a guru slinging a course you can take that will work.

Because it’s not a thing, it’s not a piece of knowledge you need to discover, it’s a process.

So the question becomes, “how do I discover what works before I run out of cash?” The answer:

It’s the scientific method, applied to entrepreneurship. Scientific Entrepreneurship.

Fortunately, it won’t be as boring as High School Chemistry with Mr. Brown, because it’s dealing with something you actually care about – the success of your business.

But the fundamentals are the same: assess what the likely growth levers are, come up with a hypothesis for what’s most likely to work, test it, and review the data.

But here’s where it’s not straightforward:

In real science experiments, you want to get to statistical significance, always. The level of certainty you need is extremely high.

But in the real world, in entrepreneurship, we can’t always get that certainty. The test would be too long, or too expensive.

What we can get is directional information.

Think about it this way:

  • I give you a way to test 10 ideas you had to grow your business
  • the test takes just a few days, and a few hundred dollars
  • the results will NOT tell you which is the best way, BUT
  • it WILL eliminate 5 that are unlikely to work.

A few days, a few hundred dollars, to cut 50% of the things you might have tried and were likely to fail. You’ve just upped your odds of success dramatically.

I used this from day zero when starting a business three years ago. I spent less than $500 to test dozens of ideas. Eliminated several which I thought were sure winners, saving me months of expensive mistakes. The winner of that test is now a profitable brand that’s done 7 figures multiple years in a row.

It’s how I test every new initiative. I used this to test the name of my SaaS business. Test the cover for my upcoming book. Test the concepts behind a new feature I’m considering building.

We’re in a race against time. The faster we eliminate bad choices, the more likely we are to succeed.

If you’re stuck, or if you’re starting: the answer is scientific entrepreneurship.

How will you apply it?

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