Business builder

Validation & testing assumptions

In this module you’ll explore:

  • Why is validating your business model so important?
  • Lean start-up methodology
  • Testing assumptions
  • What is an MVP?

Start by downloading and saving the workbook (PDF 1.0MB) and use it throughout the module to write notes, reflect on the key points and take time to answer the questions for your own business.

Why test your business model

Working with limited time, money and resources is common when building a business but testing and validating your assumptions will help you to make the most of what you have and refine things as you go.

Watch this video to learn how to apply 'lean principles' as part of testing and validation. You'll also hear from several entrepreneurs about the assumptions they made when starting their businesses.

Testing assumptions

You now have a list of assumptions that you've made about your business, customers and distribution channels. Watch our next video to see how to use this in the build, measure, learn feedback loop to begin testing these assumptions.

What is an MVP?

In our final video, we’re going to look at a Minimum Viable Product (MVP) to understand how you can use simple experiments to test some of the business assumptions you've made and gain valuable customer insights. You’ll also hear from entrepreneurs about their experiences and what their initial MVP or proof of concept looked like and how it informed their business.

Download our workbook

Validation & Testing Assumptions workbook (PDF 1.0MB)

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This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of NatWest Group, as of this date and are subject to change without notice. Copyright © NatWest Group. All rights reserved.

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