Let’s say that you’re an entrepreneur or general manager about to take a new product to market. How do you price it? Traditional economic theory tells us that the market clearing price is the point at which supply and demand meet, and that consumers always know… Read More »
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Mike Speiser
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Our short-term memory is widely believed to have a capacity of seven elements, plus or minus two. This assumption has influenced a number of major decisions — it’s the reason that U.S. phone numbers have seven digits, for example. There are ways to trick your brain into… Read More »
Overnight successes make for great stories, but that’s largely because they’re so rare. Success, the kind that leads to great products and businesses, is built on the foundation of a huge amount of hard work over many years and is achieved by continuous improvement. Read More »
Over the past year, I’ve wished more of my friends “Happy Birthday” than I had my entire life prior to that. This summer, I’ve checked in daily with numerous friends while they were on their vacations. And last week I accidentally ignited a debate among 16… Read More »
About a year ago, a friend posed to me the following question: ”Why do students plunk down $150,000 for a 4-year education at MIT when virtually all of the courseware is available free of charge online?” Not only was it a great question, but… Read More »
After graduating from college, I left the barren Arizona desert for Manhattan to take my first job. It didn’t take long for my new Manhattanite friends to inform me that it was time to upgrade to wine from beer, so I enrolled in a wine-tasting class.… Read More »
My mother was a high school mathematics teacher and understood that kids learn best when learning is fun, so at a very young age she started teaching me math “tricks.” In the second grade she showed me how 9 times any number less… Read More »
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If you’re out to create something truly great, you’ll likely need to challenge some widely held — but incorrect — beliefs. Challenging conventional wisdom is much harder than most people realize, and those that do make us uncomfortable. Which is why it’s so important to learn… Read More »
Some friends and I recently organized a trip to Las Vegas. We were able to find great hotel rates for Friday night, but published Saturday night rates were crazy expensive. So we turned to Priceline, and within minutes we had a 5-star hotel for Saturday,… Read More »
When in doubt, diversify. That’s the underlying logic behind diversifying. The benefits of diversification with respect to risk come at a cost – that of losing whatever edge you might have been able to gain from skill. If you seek extraordinary performance, focus on what you know very… Read More »
On this 233rd celebration of U.S. Independence Day, in the midst of the worst economic recession in at least a lifetime, there is a national debate taking place as to the direction of the country. And while I’m confident that we will preserve our democracy and… Read More »
One of the key concepts at the core of traditional marketing is the 80-20 rule — that some 80 percent of the effects (or in this case, profits) are the result of 20 percent of the causes (here, customers). Indeed, if you’re… Read More »
During World War II, the Allies brought significant quantities of food, medicine and other supplies to previously isolated islands in the Pacific. Natives of these islands were distraught when the Allies left and the cargo vanished, and in noting the events that had occurred prior… Read More »
The marginal cost of delivering web-based content is approaching zero, so while some publishers continue to charge for it, they are the exception and not the rule. This has led to the reliance on advertising as a revenue model by most consumer web publishers.… Read More »
In 1964, Justice Potter Stewart, who was having difficulty explaining what exactly he meant by “hard-core” pornography, famously said, “I shall not today attempt further to define the kinds of material I understand to be embraced…but I know it when I see it.” When… Read More »
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