Intervention(s)
Following Camuffo et al (2024), this replication project focuses on teaching entrepreneurs, in this case in Uruguay, how to use a structured, scientific approach to make business decisions. Instead of relying on intuition, the program designs an intervention to train entrepreneurs to analyze their ideas systematically. Participants are taught to break down their business models into key components, identify the assumptions behind their strategies, derive hypotheses, design experiments to test these hypotheses, and make decisions based on the results of their testing procedures. This method, modeled after the scientific method, helps entrepreneurs gather real-world customer feedback, test minimum viable products, and make data-driven decisions about whether to proceed, pivot, or abandon their business ideas. Entrepreneurs are divided into two groups: one receives traditional training, and the other learns to apply scientific techniques. The project measures and compares the outcomes of these two groups, particularly in terms of business performance, strategy changes (business model pivots), and whether participants decide to continue or end their ventures. By applying this structured approach, the intervention aims to improve entrepreneurs’ ability to adapt to uncertainty, focus on viable opportunities, and make empirical-based decisions, ultimately enhancing the success of their businesses in a challenging economic environment.
Camuffo, A., Gambardella, A., Messinese, D., Novelli, E., Paolucci, E., & Spina, C. (2024). A scientific approach to entrepreneurial decision-making: Large-scale replication and extension. Strategic Management Journal, 2024(1), 1–29