What is a leap of faith assumption?

Strategies for mitigating risks associated with leap of faith assumptionsTesting and validating leap of faith assumptions in businessLean Start-up methodology and leap of faith assumptionsChallenges of relying on leap of faith assumptions in startupsWhen should entrepreneurs make leap of faith assumptions?Examples of leap of faith assumptions in successful companiesImportance of leap of faith assumptions in business strategyHow to make a leap of faith assumption for a startupDefinition of leap of faith assumption in businessWhat is a leap of faith assumption in entrepreneurship?
Written By Chris Shirley MA FRGS

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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About the Author:

Chris is the founder of Hiatus.Design, a mission-driven branding and website design company that works with clients all over the world.

Over the course of his life, he has travelled to more than 60 countries across six continents, earned two Guinness World Records, completed the legendary Marathon des Sables, summited Mont Blanc and unclimbed peaks in Asia, become a Fellow of the Royal Geographical Society (FRGS), rowed across the Atlantic Ocean and obtained a Masterʼs degree in Business Management (MA).

https://www.hiatus.design
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