One of the greatest challenges in business is that you must take decisions based on incomplete information while being distracted by your emotions. Opportunity costs and the sunk cost fallacy are essential to master to navigate such a challenging decision-making...
Entrepreneurship is often pitched as this far-off dream that requires lots of knowledge and years of study. I can’t blame business schools for emphasizing the value of their entrepreneurship programs – it is their business to teach as many students as possible....
Curiously enough, undercharging for your services often leads to your business’ highest-value customers not purchasing your products since they are not prepared to wait around for you to service your lower-value customers first. This is due to the fact that your...
Princess Leia: This is some rescue! You came in here, but didn’t you have a plan for getting out? Han Solo [pointing at Luke Skywalker]: He’s the brains, sweetheart! -Star Wars: Episode IV Only in Star Wars can you easily get away without having a plan, in real life,...
You sometimes get it right the first try, but more often than not, you only get it right on your third, fourth or fifth attempt. This poses a challenge to a lot of businesses since they just don’t have the resources to go through all these different iterations,...
Sales margins and sales volume are two sisters who work hand-in-hand to determine the profitability and therefore the survival of your business. Sales volume is the dollar value of the sales which your business makes during a given period while a sales margin is the...
