Mental Models of Successful Business Owners | Part 1

All business plans are full of assumptions. And while we can’t accurately say whether a business will be profitable, we can focus on making educated assumptions.

 

On today’s episode, host Roland Frasier tackles mental models and business assumptions. He also goes through basic strategies world-leading thinkers use to solve complex problems. 

We all make assumptions. In fact, anything you can’t prove is an assumption. Unfortunately, many of our assumptions are incorrect, which is why Roland believes business owners must embrace the idea of first principles. The first principles concept is essentially breaking down complex problems and then reassembling them from the ground up. All this starts with questioning your beliefs and drilling down to the foundational truths of a problem.

Tune in to learn how you can stop making assumptions in your business, see the bigger picture, and make decisions based on actual facts. 

IN THIS EPISODE, YOU’LL LEARN:

The advantages of questioning your beliefs and assumptions in businessValidation testing and why it’s so importantFirst principles and the building blocks of true knowledgeWhy focus groups don’t always give an accurate picture of realityComparing the effectiveness of customer surveys versus online reviewsHow to create a business model based on facts and not assumptionsHow world-leading experts solve problems through fundamental assumptions What happens when we stop assuming and start testing facts?

LINKS AND RESOURCES MENTIONED IN THIS EPISODE:

Ask Roland and Ryan a question HERE.

OUR PARTNERS:

Get $300 of your virtual assistant from Belay when you text "LUNCH" to 55123Get my book, Zero Down, FREE

Thanks so much for joining us this week. Want to subscribe to Business Lunch? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!

Mentioned in this episode:

Get Scalable Live - THE PREMIER EVENT FOR BUSINESS OWNERS

Over 3 days, network and collaborate with fellow entrepreneurs and CEOs to build a ‘recession proof’ plan to scale your company to 8-figures and beyond, and…leave knowing 2023 is going to be your best year yet!

Get Scalable Live