Entrepreneurship is frequently depicted in the media as a free-wheeling, risk-seeking adventure. While certainly involving risk-taking and intuitive decision-making, the adventure of entrepreneurship is best undertaken from the rational perspective of a science than from a haphazard approach. This course, for example, takes a scientific approach to the formation of entrepreneurial ventures.
The first step in the scientific method is problem recognition. Last week in Module 1, you identified a market with a problem that’s in need of a solution. To complete the Module 1 assignment, you produced a problem statement naming the specific market and defining its particular problem.
The second step in the scientific method is to translate the observed problem into a hypothesis. The purpose of science is not merely to find problems but to solve them. A hypothesis presents an educated guess regarding how the observed problem can be solved. You could think of a hypothesis as an “if-then” statement. “If this action is taken, then this result will occur.”
The purpose of the Module 2 assignment is to choose one market disruption problem from your Module 1 assignment and develop three different hypotheses with their associated independent and dependent variables that are measurable, testable, and meaningful. Note: This assignment will impact future assignments throughout the course, including the Module 5 individual assignment, the Draft Summary Business Model Canvas. Be sure to read the assignment description and rubric for all requirements.
The purpose of this assignment is to choose one market disruption problem from Topic 1, then develop three different hypotheses and identify the associated independent and dependent variables that are measurable, testable, and meaningful. Consider all potential issues from the Topic 1 assignment and choose a single problem to solve potentially. Be sure to select a problem that is not yet solved. Remember, a hypothesis is just an “I think” statement that needs to be fully developed with potential solutions and variables. Ultimately, much time and money could be spent on this issue, so a time of expenditures upfront with this brainstorming process around various hypotheses is imperative.
Use the “Hypothesis Statements – Overview and Template” resource to complete this assignment. You will need to complete Parts 1 and 2 in the template. Complete the hypotheses grid using good, better, and best versions of the three hypotheses related to the single problem you have identified and the solution you have proposed for the problem. Include the dependent and independent variables for each. You will also compose a short summary in Part 2 within the template. Note: This assignment will impact future assignments throughout the course, including the Topic 5 individual assignment, the Draft Summary Business Model Canvas.
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