Posted by Assumptions Save Time — But Test Them First
Assumptions save time, and time is money. In business, we make assumptions every day. To avoid losing money and wasting time, test assumptions before implementing them.
For example:
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Ask your customer base what product changes they would like to see to test whether you should develop a new or improved product.
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Discuss what type of benefits your employees would most appreciate instead of assuming what you offer is enough to retain top talent and foster company loyalty.
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Price different vendors, suppliers, and contractors to test assumptions about your operating costs.
Professor Jon Fjeld writes in MIT Sloan Management Review about testing assumptions when starting a new venture. With changing markets, technology, and workforce dynamics, it makes sense to step back and re-test assumptions periodically. Fjeld recommends prioritizing these tests in order of:
1. Severity: How important is the assumption to your success? If your entire business rests on the idea that people will pay for software to translate Quenya into Klingon, that’s the first assumption to test.
2. Probability the assumption is false: Test the most far-fetched assumptions first. If you want to start a tea room sourcing products from Britain, it’s more likely people will enjoy a tea room and less likely you can ship Devon cream to the U.S. affordably. Test the Devon cream assumption first.
3. Cost of resolving the uncertainty: If the goal is saving money and mitigating risk, find a low-cost way to get answers. A quick email survey costs much less than releasing a product and hoping for the best.
How Venture Up Can Help You Test Assumptions
Start with your assumptions about team building. You might assume it’s just a glorified work break. In reality, well-designed team experiences reveal blind spots, expose hidden strengths, and reconnect people to purpose — the very things assumptions tend to hide.
By Venture Up Inc.
The original team building company (est. 1983), helping organizations build trust and collaboration through real-world experience.
© 2025 Venture Up Inc. | ventureup.com
Keywords: team building, leadership development, workplace culture
