What is a leap of faith assumption?
A leap of faith assumption is a hypothesis made by an entrepreneur or business leader that has yet to be proven through empirical evidence or data. It is a critical assumption or core belief about a new product, service, or business model that forms the basis for the company's strategy and direction.
In the early stages of a start-up or new project, there is often a lack of data or market validation to support the founder's assumptions about the product or market. In such cases, the founder must make a "leap of faith" assumption, based on their understanding of the problem they are trying to solve, their customer needs, and the available resources.
A leap of faith assumption is not based on data, but it is still an important hypothesis that guides the company's direction and decisions. It is important to recognise that the assumption is unproven and may be wrong, and that the company should constantly test and validate the assumption with data and feedback from customers.
Overall, a leap of faith assumption is a key component of the Lean Start-up methodology and the process of building a new business. It involves making an educated guess about what customers want or need, and then validating that assumption through experimentation and feedback.
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