The successful entrepreneur is one that keeps his eyes and ears open and takes stock of events happening around him. This is important not only to determine the margin price but to consider the impact potential events could have on the margin price in the future and develop contingency plans to deal with them.
Economics assumes that an individual provided with all the facts will respond rationally and make good buying decisions. Behavioral Economics recognizes that our brains are hardwired in certain ways that make us respond, often quite predictably and irrationally, in ways contrary to logical economic rules. With a better understanding of just a few hardwired behavioral […]