Business Archives

The 4 Stages of Product Development: An Idea Comes to Life

Do you want to stand out against competitors in the market? How much customer feedback is enough to test your product? The product development process can be a rough journey. It’s not as simple as coming up with a brilliant idea and selling it immediately. To take action, you need to follow four steps that include every detail that goes into creating a product that will sell. Let’s look at the four stages of product development that can set up your product for success.

How to Analyze a Business Model Like Warren Buffett: 3 Metrics

How does Warren Buffett choose his investments? What does he look for in a business model? Investment professional Robert G. Hagstrom lays out Warren Buffett’s investment strategies in his book The Warren Buffett Way. One of the steps in Buffett’s process is to evaluate a company’s business model. He looks for three things: simplicity, predictability, and a competitive edge that will last. Read more to learn how to analyze a business model like Warren Buffett does.

The 4 Characteristics of a Good Business Idea (John List)

How can you know your idea will scale? What should you look for, and what should you avoid? Economist and professor John A. List says that a viable business idea has four characteristics. It has a scalable audience, it’s not dependent on talented individuals, it anticipates spillover effects, and it keeps costs under control. Read on to learn about these four characteristics of a good business idea.

How to Support Your Team in a Workplace Setting

What’s the best way to support your team in the workplace? What are the benefits of a team-oriented style of leadership? Staying involved with your team and giving them autonomy earns you respect and better results. Discover Your True North by Bill George further says that this type of leadership builds strong relationships with employees that will make feedback easier for them to accept. Learn how to support your team members so they know you’re rooting for them.

Why “Buy Now, Pay Later” Regulation Is on the Horizon

Why is “Buy Now, Pay Later” regulation in the works? Who do these programs help and harm? Buy Now, Pay Later (BNPL) services provide short-term financing that enables people to make large purchases they might otherwise not be able to afford. But critics argue that the services put financially vulnerable individuals at greater risk. Continue reading to learn about BNPL programs and regulations.

How to Evaluate Management Like Warren Buffett: 3 Metrics

How should companies allocate capital? How important is it for businesses to resist trends? If you’re looking at a company as a potential investment, you need to assess its leadership. Warren Buffett looks for three things: how they allocate capital, how transparent they are with their finances, and how resistant they are to trends. Continue reading to discover how to evaluate management in the same way that Warren Buffett does.

How to Avoid the Sunk Cost Fallacy: Why Quitting Is for Winners

When should you give up on an idea or a project? What’s the best way to identify diminishing returns? Sometimes it’s hard to give up, especially when you’ve invested so much and you don’t want to be a quitter. But, sometimes cutting your losses and moving on is the best course of action. In The Voltage Effect, economist John A. List explains why, sometimes, quitting is for winners. Continue reading to learn how to avoid the sunk cost fallacy and stop wasting valuable resources.

Kissing Frogs: Dean Kamen’s Advice for Creative Breakthroughs

Do you tend to give up when you don’t reach a breakthrough right away? What’s the best way to find a solution without wasting a lot of time? In The Third Door, Alex Banayan shares the insights into success that he learned from interviewing inventor Dean Kamen. Kamen’s secret is kissing frogs—in other words, persistently trying lots of solutions. Kamen cautions, though, that this must be done strategically so that you don’t waste time. Keep reading to learn how kissing frogs might be your ticket to success as it has been for Kamen.

How to Scale Culture as Your Business Grows (The Voltage Effect)

As your organization grows, how can you maintain your culture? How should your teams be organized, and what should they prioritize? The Voltage Effect by John A. List is an economics text designed to help you understand the characteristics of scalable ideas. He argues that you should focus on building a sustainable culture while you scale your ideas. Read more to learn how to scale culture by embracing collaboration and diversity.

Accountability in Business: When Leaders Should Apologize

Should you apologize to your team when you mess up? Is it possible to apologize too much? As difficult as it can be, it seems obvious that leaders should admit their mistakes. However, it’s not so cut and dry when and how they should apologize. In The Voltage Effect, John A. List discusses what accountability in business should look like. Keep reading for List’s advice that can help you be a better leader and teammate.