A Cognitive bias is the psychological tendency of the brain to draw incorrect conclusions, even in familiar situations or when presented with clear information. When talking to small business clients I refer to a collection of three common cognitive bias as the Everest Effect.
History especially when it comes to war is chocked full of lessons for the small business owner if they take the time look at the messages and consider how they might apply the lessons to their own business.
The question, “Is it better to lease office space or own it?” is at the core of many business plan decisions that I review. On the one hand, I never advise owning real estate for startups because they have a high rate of failure. However, it is a decision that should not be undertaken lightly […]
7 Tax Facts Entrepreneurs Need to Know Before Filing This Year EntrepreneurBy: Keith Hall As the Tuesday, April 18th tax-filing deadline looms ahead, you probably have already started to gather all of your necessary tax documents and are likely spending your afternoons organizing them into neat piles of paperwork. This may include business receipts to […]
We prioritize tasks based on our return on investment (ROI). If we undertake a task that we think should take one day to complete and we find ourselves still working on it two days later, it is time to reevaluate our efforts. For the most part, human beings are all poor estimators. Remember the last […]
Recently I watched the movie “The Revenant” with Leonardo DiCaprio about the fur trade in North America and was reminded of how John Jacob Astor’s part in created the industry and the takeaways for every entrepreneur. John Jacob Astor was born in Germany and was one of nine children. Growing up, his father could barely […]
One has to ask “Are corporations past their prime?” Corporations came into being to allow multiple investors to invest a portion of their capital across several risky, but potentially highly profitable endeavors. Corporations Come Into Existence When sailing ships were constructed to carry on world trading, it was a highly lucrative proposition but was fraught […]
Members of the ill-fated Everest expedition invested upwards of $65k each. They spent weeks hiking to reach the final base camp before their ultimate eighteen-hour push to the summit. There is an unwritten rule that if you have not made the summit by two o’clock in the afternoon of the final push, you should turn […]