My Approach

The approach used by SMB is an evidence-based approach based on the principles of the scientific method.The principles of the scientific method go a little like this:

1. Develop	Develop a hypothesis (fancy name for a guess) for a business.
2. Observe	Observe an event or phenomena and develop a hypothesis or conduct an experiment by either making something or arranging an event based on a hypothesis and observe what happens.
3. Learn	Determine if your guess matches with reality, i.e., is your initial hypothesis right, and to what extent? Learn from the gap between your hypothesis and observations. The scientific principles demand that we question and prove our most tightly held assumptions. This can be uncomfortable.
4. Modify	Modify your hypothesis to more closely match with your observations, or if you created an experiment, modify components of the experiment as suggested by the observations.
5. Repeat	Go back out and observe events and confirm that the improved hypothesis better matches, or if you created an experiment, re-run the experiment, modifying components where required, and again observe. Repeat the above until either you have developed a sound hypothesis, you have pivoted and developed a new hypothesis which you will test, or you have abandoned the exercise as the hypothesis has no validity and it can’t be saved.
6. Act	Act on what you have learned by either going forward or abandoning. Doing the above will cost time and resources, but so will diving straight in and building something in the hopes that someone will like it and buy. Building something in the hope that someone will buy it is not a sound strategy, it is wishful thinking. Hopefully the point is understood; before you build or grow your business, test and learn about your prospective customers and the market.

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