Learn more about business with this collection
How to use storytelling to influence and persuade
How to create a compelling narrative
How to structure your story for maximum impact
Profitability
The profitability of an idea is a framework that contains two parts:
- What comes in: People, resources, funds and time.
- What goes out: How big a step you can take toward reaching your goal.
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The concept of profit
The fundamental idea of profit is to determine if and why an idea is worth your time.
If you have to spend more money to gain less, you need to have a great rationale to do it.
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It is important to make money
Money is a way of creating a measurable goal. Some goals align with giving back, but, in order for you to further any goal you have, you will need money.
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The time lag
Not every opportunity will bring in profit right away. An idea now can mean more profit later on. An early investment in a product can pay off massive dividends down the road.
However, you need to have a well-informed opinion on the timeline as well as how much money you might need to inve...
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Details are important
Entrepreneurs naturally have big dreams and the willingness to follow them. But, they often disregard the details that go along with execution.
Goals are critical, but without understanding what goes into the execution can greatly injure your company. Profitability is such a concept that n...
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Related collections
Other curated ideas on this topic:
The Research Phase
- Get the big picture. Scan articles etc. to get an idea of what the field is about.
- Determine scope. Limit the size of what you want to learn. “Physics” or “philosophy” is too wide and will take decades. “Classical mechanics”, while still wide, might be a bit easier.
Quality Questions
• If you are trying to reach a specific goal, ask yourself every day: What is one small step I could take toward reaching my goal?
• What is one small step I could take to improve my health (or relationships, or career, or any other area)?
• If somebody’s ann...
Setting and Achieving Your Goals
- Step #1: Take Your Emotional Temperature, around the most important areas of your life.
- Step #2: The Neurology of Ownership: When we take ownership of something–an item, an idea or a goal–we are more committed to it.
- Step #3: Outcome + Process: Most peopl...
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