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But competition is a normal thing. What you can do is offer something that your competitor can't, a cheap product wont sell a high quality product, and it's same for the other way around. Differentiate your product, if the product is too similar it's gonna be a perfect competition and fighting by price, both gonna go down

One of the business equation is asset = liabilities+equity

It's one the oldest business rule.

• Asset itself is everything that runs the business
• Liabilities is everything you owe from other 
• Equity is the leftover from asset - liabilities

Spreadsheets one of the golden tool in accounting. It is the power that numbers that are in it.

Product, Place, Promotion, Price it's like the 5W1H for business.

Luxury is not real, it is created by marketing. One of the example is Hermes, it was created by "hating" the customer, it's so hard to get it creates value. While the real value is a way below the market value, the itch itself is from the customer the marketing just giving a way to scratch. 

Tech can create new products, it can be an adoption or it can be a disruption. Adoption is literally adopt tech with a purpose of better, easier, cheaper and even that is hard to sell. Another one is disruption, it is all about changing perception, a feeling of innovation and danger. It is the companies dilemma. A new tech is different and scary, human is scared about something that they don't understand.

While human error is more likely to happen, people doesn't trust technology. The transition is, how to give human give human sense of control and comfort.

It's hard to control everything, but you can always plan for everything. One of the big uncertainty is how many you're gonna make and sell to the market, what if it doesn't sell?

Here's some consideration:

• cost of leftover vs cost of opportunity
• capacity vs versatility

it's all about the battle of efficiency.

First rule of negotiation, do your research. The sweet spot of negotiation is going for a low but not too low so it doesn't offend the seller.

In negotiation, you can be tough and nice, it doesn't have to be full of hatred and anger. What you want to find is a win-win. Don't debate about the position, but took interest what could you get in the table instead, seek of alternative. Instead of thinking of lowering your price, ask for what else you can get for the price.

Negotiation can be better when you open up for opportunity.

• selling is not about what's good in your product, try to understand your consumer point of view.
• kickstarter--knowing who wants to buy before launching the product