The World's Best Book Summaries
What are the advantages of economies of scale? Does scale come with its own disadvantages? The advantages of economies of scale include greater cost efficiency from increased product volume, competitive advantages due to size, and more sales because of brand ubiquity. Scale can also be disadvantageous because it can lead to bureaucracy and corruption. Read on to learn more about the advantages of economies of scale and its possible drawbacks.
What is the difference between a “peach” and a “coconut” culture? How do peach and coconut cultures approach personal disclosure? The peach/coconut model describes how different cultures indicate the depth of their relationship. People from peach cultures seem friendly on the outside but difficult to know on the inside. In contrast, people from coconut cultures may seem cold and unapproachable on the outside, but once you get to know them, you can build a deep, personal relationship with them really fast. Keep reading to learn more about peach and coconut cultures, according to cultural communication expert Erin Meyer.
What is Maxwell Maltz’s Psycho-Cybernetics about? How can applying Maltz’s cybernetic principles help you reprogram your mind for success? In his book Psycho-Cybernetics, Maxwell Maltz explains how thinking of your mind as a machine can improve your self-image and dramatically increase your ability to feel successful and happy. Maltz argues that you can program your mind to achieve success and happiness in the same way that you’d program a machine to achieve certain goals. Below is a brief overview of his key ideas.
What is Berkshire Hathaway’s investment strategy? Can the company perpetually maintain its impressive rate of return on investments? Berkshire Hathaway’s investment strategy involves using the cash collected from the conglomerate’s insurance subsidiaries and investing it in other businesses at a much higher rate of return. The strategy has helped the company to grow to be as large as it is today. However, even Charlie Munger notes that it will be difficult to maintain the company’s historical returns because it is harder to find underpriced investments when you have billions than when you have a few million. Read on to discover
Are “how” or “why” questions more valuable? Which one is more often used in the education system? Although asking both “how” and “why” questions is necessary, “why” questions are more important because they get the recipient thinking. “Why” questions are slow and difficult and increase one’s critical thinking skills. Sadly, they’re not asked enough in schools. Here’s why “why” questions are such valuable learning tools.
What does Bible have to say about problem-solving? How can the simple act of faith help you reveal solutions to your earthly problems? Problems are part of life—but with faith-based techniques, you can solve your problems in a manner that brings you the best outcome. According to pastor Norman Vincent Peale, God will solve all of your problems if you have the faith to put them in God’s hands. In this article, we’ll explore some of Peale’s suggestions for how to tackle personal problems.
What are the three levels of engagement? Which level is the most effective for learning a skill? According to Angela Duckworth in Grit, the three levels of engagement are play, testing, and deliberate practice. Duckworth thought that deliberate practice was the only way to really improve at something, but many experts disagree and say that play and testing are just as important. Continue reading to learn more about the three levels of engagement, according to Angela Duckworth.
Do your habits help or hinder your progress towards your goals? What are some things you could do on a consistent basis to get closer to your goal? A habit is an action repeated over time until it becomes automatic. Good habits that create your desired results are crucial for success because when completed consistently, they automatically get you closer to achieving your goals over time. In this article, we’ll explore the science of creating habits of success.
What is analogical thinking? How can analogies be used to solve complex problems? In his book Range, David Epstein explains why analogical thinking is a valuable problem-solving tool. Using analogies can help you solve complex problems because it helps you make connections between seemingly unrelated concepts. Keep reading to learn how analogical thinking can help you yield new ideas by connecting the unconnectable.
What is the meaning of a circle of competence? Why must you know what you are good at? Charlie Munger defines your circle of competence as an area of expertise that matches your skills and experience. It is the subject area you are good at. Knowing your area of expertise helps you recognize where your boundary is and avoid dabbling in ventures that will lead to failure. Read more about the importance of knowing your circle of competence.