How should an entrepreneur approach experimentation?
A)Invest high levels of time and resources and strictly adhere to the scientific method.
B)Use quick,low-cost methods of experimentation informed by scientific thinking.
C)Focus on asking lots of questions and ignore the scientific method.
D)Rely upon historical data rather than collecting experimental data.

Question

Quizplus · Accepted Answer

Entrepreneurship is all about taking risks and trying new things. Experimentation is vital in determining what works and what doesn't work. However, an entrepreneur needs to be mindful of their limited resources and time. Therefore, option B is the best approach as it allows the entrepreneur to use quick, low-cost methods of experimentation informed by scientific thinking. This will allow the entrepreneur to quickly gather data and insights, iterate and adapt their business model, and ultimately increase the chances of success.

How Should an Entrepreneur Approach Experimentation