Page 130 - Transforming an Idea Into a Business with Design Thinking
P. 130
Chapter 6
Stage 4: Manage Risk to
Handle Uncertainty
The only thing certain in a start-up is uncertainty.
This final stage is all about having an honest discussion and a clear view
of all the risks involved in the venture and having a way to prioritize which
risks are worth mitigating.
6.1 Step 17: Assumptions
As you have seen throughout this book, at every step in each stage, I have
asked you to review this section and document all the assumptions you are
making. Risks are the main outcome of assumptions which are not recog-
nized or mitigated. It is important to have an honest discussion about the
assumptions you are making for your business through the three stages –
understanding the problem, devising the solution and crafting the business.
These assumptions should be called out as early as possible and docu-
mented in the template mentioned here. It is a live document that should be
continuously monitored and discussed regularly.
As you fill out these assumptions, mention the area of the business case
it pertains to and the potential impact if that assumption was proven false.
And finally, document the steps you should be taking to validate those
assumptions.
109
