Decision-making is heavily affected by bias. Biases can cause us to overlook facts, reframe issues, and distort our perception of the world around us to fit what we are consciously or unconsciously trying to see. This can lead to many decisions that have negative impacts on companies. While it is not possible to be completely […]
Opportunities for people to build businesses independently have skyrocketed in the global digital economy. While people can create and run businesses entirely by themselves, many solopreneurs find that working alone leads to growth ceilings that are hard to break through. This article describes the process of business evolution and sets forth 15 key points for […]
All businesses in the world have one thing in common: they provide services. Everything, including products, entertainment, education, and non-profit initiatives, is a form of service. Given its economic importance, it is vital to reflect on what service means and how it can be used to build company value. One of the most powerful philosophies […]
The capital raising process has many phases, including creating pitch materials and negotiating deal terms with investors. To help increase the likelihood of positive outcomes for entrepreneurs and companies raising capital, this article discusses the benefits of creating a virtual data room, provides an overview of the documents it usually contains, and shares suggestions regarding […]
In a world where many things do not work optimally, there is constant pressure to adopt new approaches. While innovation can create many positive benefits, the urge to innovate can overlook the often-great hidden value of things that already exist. Additionally, innovation-driven solution biases can lead to situations where the resources expended to find solutions […]
The goal of decision-making is to arrive at the best solution possible for an issue given the problem, available resources, and time constraints. While there are many ways to make choices, one powerful decision-making tool is lateral thinking. This involves a leap from a familiar decision-making mindset to a significantly different one. This article, part […]
Elon Musk has said that first principles reasoning is a powerful way to innovate. Rather than reasoning by reference to things that already exist, first principles thinking starts from fundamental truths and then reasons from there to question established beliefs and practices and find solutions. After discussing first principles reasoning, this article, part 5 of […]
Many mental frameworks and systems are used to make decisions. One of the most common is reasoning by analogy, where one object, process, or situation is compared to another. While analogical reasoning is essential to function in a world where we constantly face new facts and circumstances, it can also lead to many erroneous conclusions. […]
Humanity has struggled for thousands of years with a seemingly simple question: How can I decide wisely? This question has remained challenging throughout the ages because it is highly subjective, has many dimensions, and choices must be made in the face of limited information, time constraints, and uncertainty about the future. Many classical decision-making models, […]
The first decision-making step is determining whether a decision should be made at all. Many choices are made unnecessarily, which can cause a loss of decision-making resources, generate opportunity costs, and put a person or a company in a worse position than before the decision. Sometimes, postponing a decision will significantly expand decision-making options and […]