Hypotheses

A hypothesis is a statement about how the world works, an "educated guess." For example, the statement that "Older people are richer than young people," could be framed as "Wealth increased with age." It's imperative for entrepreneurs,to know about hypotheses and hypothesis testing they must understand themselves and the potential for success of whatever the business they propose. And they must become skilled at evaluating hypotheses to understand the amount of risk and reward they will be facing and or benefiting from. For example the belief that whatever enterprise they want to start will succeed is a hypothesis. Wikipedia, the free, on-line encyclopedia says:

A hypothesis (from Greek ὑπόθεσις) consists either of a suggested explanation for a phenomenon (an event that is observable),or of a reasoned proposal suggesting a possible correlation between multiple phenomena. People refer to a trial solution to a problem as a hypothesis — often called an "educated guess" — because it provides a suggested solution based on the evidence. Experimenters may test and reject several hypotheses before solving the problem/

And regarding scientific hypotheses:

Researchers weighing up alternative hypotheses may take into consideration:

>Testability (compare falsifiability as discussed above); simplicity (as in the application of "Occam's razor", discouraging the postulation of excessive numbers of entities).

>Scope - the apparent application of the hypothesis to multiple cases of phenomena.
>Fruitfulness - the prospect that a hypothesis may explain further phenomena in the future.

>Conservatism - the degree of "fit" with existing recognized knowledge-systems.

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