Entrepreneurship assignment Testing the Hypothesis.
For this exercise, I’d like you to do the following:
1) Pick an opportunity you would like to pursue. From this point forward in the class, many of these exercises will be related to a specific venture you want to start. Here’s where that path starts.
2) Clearly state the opportunity you have identified, including the who, what, why. For instance, “Hospitals in the United States are unable to easily, efficiently bill Medicare for drugs they distribute because of the logistical challenges in linking a drug given to a patient and the patient’s bill.”
The who: Hospitals in the United States
The what: They are unable to easily, efficiently bill Medicare for drugs they distribute to patients
The why: Logistical challenges related to listing prescribed drugs on patients’ bills
3) This is your ‘hypothesis’ about the opportunity. It is a statement of your belief related to an opportunity. I’d like you to test the boundaries of the hypothesis by pushing and prodding each of the three elements. That means:
Testing the who: Are there others who have this need? Or, does everyone in your current ‘who’ share the need?
Testing what: What is the boundaries of the need? For the example above, the questions you’d ask could include, “Are all drugs a challenge, or just some drugs?” “Are all patients a challenge, or just some patients?” “Is it just Medicare, or does it include Medicaid or private insurers?” Etc.
Testing the why: Not everyone will perceive their need the same way; here, I’d like you to test the boundaries of the ‘why’ — for the people who have the need you have identified, what are the range of whys that they offer? Does the “why” you have identified hold for everyone? For the example above, maybe some hospitals will see their need rooted in logistics, maybe they’ll blame government bureaucracy, maybe they’ll blame the nurses and doctors.
4) In Part 1, you must interview five people and record these interviews. These interviews must be long enough for you to get the information you need. In these interviews, you want to ask questions that try to capture the variation in the whos, whats, and whys, and your objective is to test the boundaries of your opportunity hypothesis.
5) Publish your write-up of each step in a post. For step 4, please summarize what you find. Given your interviews, what do you know about the opportunity that you didn’t know before? For more information on Entrepreneurship check on this: https://en.wikipedia.org/wiki/Entrepreneurship
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