Ep. 13 – The Science of Business Part I
5 Minute Rants by THE a.m.
A podcast predicated on the journey of business and life.
Ep. 13 – The Science of Business Part I
If you are building or creating. You are in the business of science.
Ideation and Hypothesis are the starting point.
Test it, then Ship it, and then move forward.
You will never know if it works until you actually do it.
Episode play icon
If you are building or creating. You are in the business of science. Ideation and Hypothesis are the […]
June 26, 2023
Episode Transcript
Michael Abernathy 0:00
Hey what’s up everybody? Welcome to the AM. Welcome to 5 Minute Rants I’m your host, Michael Abernathy. And welcome to the show guys where we talk about anything and everything that has to do with life and business. This whole entire show is really predicated on the journey of life.
So, today’s episode, we’re gonna talk about the science of business. Okay? And I think it’s important for business owners, I think it’s important for entrepreneurs to really have a mindset that is scientifically based, because here’s why you don’t know what you don’t know. So how do you figure out something that you don’t know? Well, there’s a lot of easy answers to this, in some ways. Which is, one read, talk to people who have a different point of view and perspective, talk to people with different backgrounds, learn and have that humility. But I also believe, and this is something a lot of people talk about, right you reading, and the main ones that people talk about are reading, interacting, learning from others, right, different things like that consuming content, and those sorts of things.
But here’s one that I have not heard talked about yet. And I couldn’t, you know, again, I don’t believe this is the first time it’s been talked about. But I really think it’s the science behind figuring out what you don’t know, and figuring out something that is unknown. So it’s what I’m calling the science of business. And this, by the way universally applies to life. If you don’t know something, you can figure it out.
So first figuring out, just take some courage, it Just takes some boldness to do what you don’t know how to do. It takes heart behind it, and confidence in the ability to fail. You’re not going to do this if you’re afraid of failing or being wrong. Here’s why most, most people have an aversion to trying something new, because what’s driving that is actually a fear of failure, because there’s something’s new, there’s a higher percentage and higher chance that you’re not going to be good at it right off the bat, and fail.
So the science of business. So this is how it works. First, you have an idea, ideation is the starting point, hey, and I’ll go over this example. Hey, I believe that if I want to change and improve, and I want to understand what I think, I believe that if I write in my journal, my thoughts will become clearer. Okay, if I write my journal every day, it starts with an idea. All right, and then you have your hypothesis, right? From that idea. And a hypothesis is pretty much a theory, I believe that if I do X, this will happen. I believe that if I do this, this will happen. If I do Y this will happen. And then from that hypothesis, you got to come up with a test to prove it to be true, or false. Is this actually true? Is this actually false.
So to give you guys an example, you know, we’ve been working with a company, their a media company, the content creators, we’ve been working with them for a while. And one of the things that we’ve done is actually come up with a whole way for ideation, and for hypothesizing to occur, and then the way to test it. With the content they’re creating, with how they’re hooking in to the algorithm, because they’re content creators. So they’re on YouTube, they’re TikTok with hooking into the different algorithms for the different platforms. And we’ve come up with a whole scientific way, and a roadmap for them to follow as they create, to actually test what they’re doing to see if it’s viable. See if it’s repeatable, because here’s the thing, once you do something, well, one way, you don’t Just want to do it the one time you got to repeat it, you got to master it, and then it needs to be franchisable. So if you don’t know how you’re doing it, which is part of this process, This is what helps you figure it out. And if you don’t know how you’re doing it, you’re not going to be able to franchise this to other people. And so the whole point of the science behind the business is figuring out what you don’t know and figuring out how to do it.
So you got to have theories, then you got to have ways to test and measure those theories to see if they’re going to come to pass. And then you got to be able to prove them. And I’m not going into crazy detail. We’ll probably cover this on some of the long form episodes. And, you know, to go into more in depth in these things. But measurable is it’s actually quantifiable data, it’s sometimes it’s hard taking things that don’t seem quantifiable at first and turning them into things that you can actually count and quantify or have a pass fail measurement on okay? So, if you are an entrepreneur, if you’re a business owner, leader, if you’re… even if you’re Just running the house, I say running the house a lot because I think that is so important. Raising the next generation is unbelievably important and unimaginably important. The whole point is for you to be able to figure out and test your theories about how to improve or how things work. And then make changes accordingly to impact your life and build and create the way that you want to do it.
So anyways, I hope that’s helpful for y’all. I’m already over again, and I will talk to y’all later. Have a great day guys. Peace!