1. Define the Hypothesis: Begin with a clear hypothesis about your business idea or product. This could be an assumption about your target market, the problem you're solving, or the benefits of your solution. 2. Build a Minimum Viable Product (MVP): Create a simplified version of your product that includes only the essential features needed to test your hypothesis. 3. Test and Gather Feedback: Release the MVP to a select group of users or customers and gather feedback. Use surveys, interviews, and analytics to understand how they interact with your product. 4. Analyze Data: Review the feedback and data collected to identify patterns, shortcomings, and areas for improvement. 5. Refine and Iterate: Make the necessary changes to your product or business model based on the analysis. Repeat the cycle with the updated version.