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Using Science-Based Thinking In Business. Entrepreneur MBA Podcast 3.53.

Summary: In today’s podcast episode, Bella Englebach from Lean for Humans and Stephen Halasnik from Financing Solutions discuss how to use science-based thinking when starting a business. These solutions are helping business owners and entrepreneurs maximize efficiency and productivity through data-driven business methodologies.

Using science-based thinking to create business ideas

thinking in businessBusiness ideas are best cultivated through a scientific method or process in business owners can use to develop the most valuable ideas. Using science-based thinking in business requires business owners to be aware of various aspects of the business environment and to be open to learning new things. A large part of increasing awareness of the business environment involves building off knowledge acquired from established businesses.

Entrepreneurs benefit from using the knowledge they acquire to develop various ideas for business. Experimenting with multiple ideas early-on in the business process helps to minimize mistakes in the long run. Science-based thinking in business requires extensive planning and research when developing ideas for business. Proper planning and research help to reduce the risk of failure of a business idea, saving business owners valuable time and money.

Business planning methodology

The first step in business planning involves creating a checklist of past, present, and predicted information regarding the business environment. While past data can be used to prevent reoccurring mistakes, present and predicted data can be used to keep up with and adapt to the ever-changing business environment. A planning checklist should cover all aspects of the business including operations, finance, and marketing.

A major part of business planning involves identifying obstacles or potential obstacles that impede success in a market. To combat obstacles, entrepreneurs should take time to brainstorm creative, data-driven solutions. When researching, planning, and experimenting with ideas, it is important for entrepreneurs to be open to collaboration with professionals in related fields. Collaboration among industries allows entrepreneurs to learn new techniques and business planning methodologies.  Successful entrepreneurs are open to receiving feedback from experts and peers in order to improve their processes and procedures.

Adapting to a changing business environment

When researching, planning, and experimenting with ideas, it is beneficial for entrepreneurs to adopt a lean mindset that focuses on continuous improvement. The business environment is ever-changing, meaning that business owners that want continued success should perform incremental tests to see which aspects of their business have derived the most value for its customers. Thinking lean is a form of science-based thinking that business owners and entrepreneurs can implement in order to maximize quality and reduce waste.

Thinking lean involves constantly analyzing metrics and key performance indicators in order to maximize quality and efficiency. Lean thinking requires entrepreneurs to be agile and make data-driven decisions that benefit customers and the business team as a whole. Adopting the lean methodology in business helps business owners and entrepreneurs increase productivity by focusing on continuous improvement of all aspects of the business.

About Bella Englebach from Lean for Humans

Bella Englebach, Lead Consultant at Lean for Humans, Inc, blends lean and creativity, helping organizations and individuals achieve innovative results in science-based environments. Before opening her own company in 2018, Bella was a process excellence leader at J&J, focusing on bringing continuous improvement and lean thinking to the pharmaceutical and medical device R&D sectors. A Creative Problem Solving (CPS) Facilitator, she was a member of the Board of Directors of the Lean Product and Process Development Exchange for six years. She is a Certified Professional Coach.
The author of “Creatively Lean: How to Get Out of Your Own Way and Drive Innovation throughout Your Organization, Bella also hosts the podcast “The Edges of Lean.”

About Financing Solutions

Financing Solutions, an A+ and 5 stars rated BBB company since 2002, is a direct lender that provides lines of credit to small businesses and nonprofits.

Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees. Small businesses use their line of credit to help with emergencies or opportunities when cash flow is temporarily down (i.e. Payroll funding) Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.

Note: Financing Solutions donates 10% of its profits to various nonprofit charities

 

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