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Business

46 STASHED IDEAS

The do-to say ratio

When you think about our colleagues, whether they are peers or people you manage, how many of them can be trusted to follow through when they say they will do something?

Reliability is important in any organisation, especially in a startup. You need people who you can count on and who will follow through. You want a one-to-one ratio between say and do. But when people have a lopsided do-to-say ratio, the slow responses and the need for follow-ups can make business slower than it needs to be.

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Many people think they own businesses, but they really own jobs. They can't leave for a week on vacation because they will lose a week's worth of money.

You can't do everything yourself if you want your business to grow exponentially, create wealth and make an impact. You have to build a business that is bigger than you.

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Insurance involves the transfer of risk from the purchaser to the seller. In exchange for taking on the risk of some specific bad thing happening to the policyholder, the policy holder agrees to give the insurer a predefined series of payments. If the bad thing actually happens, the insurer is responsible for footing the bill. If it doesn’t, the insurer gets to keep the money.

In order to provide value via Insurance, you must:

  • Create a binding legal agreement that transfers the risk of a specific bad thing (a “loss”) happening from the policy holder to you.
  • Estimate the risk of that bad thing actually happening, using available data.
  • Collect the agreed-upon series of payments (called “premiums”) over time.
  • Pay out legitimate claims upon the policy.

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