Time Discounting The value of something promised in the future is less than the value of that same thing received today. This is the concept of time discounting. This concept is a corollary of compound interest which Albert Einstein called the 8th wonder of the world. $1,000 earning 5% compounded annually will grow to [...]
Luck When we talk about luck, be it good or bad, we are usually looking at past events. You can’t change the past, but you can learn from it. Recognize that the future is uncertain and often random. As events unfold do not dwell on your good or bad luck. Know where you want to [...]
In An Uncertain Economy, Agility Is Essential Trade wars...Lower taxes...Privacy concerns endangering the most successful business models...Do you know where the economy is heading? Maintain flexibility, create options, be quick and agile.
Is Google Really That Smart? (Or Why Decision-making Based On Averages Is Dangerous) As artificial intelligence (AI) expands to fill every part of our lives, we are getting increasingly comfortable relying on it. For example, we buy a product on Amazon and get a glimpse of other products that Amazon recommends. Many of them are [...]
5 Lessons from the Trump Campaign Most business people are thinking about the impact of Trump's presidency on their business. We may be able to have a greater impact on our businesses by focusing on lessons from his winning campaign strategy. When an outcome so shocks the common wisdom, there must be factors at play [...]
3 Questions to Ask Before Making Important Decisions as a CEO A CEO operates in a world of continuous change with constant demand for decision making. Since most decisions involve a forecast of the future uncertainty is a given. Being able to make decisions quickly (decisiveness) is a critical CEO skill. As a CEO successfully [...]
Embrace Uncertainty Embrace uncertainty. I am a big fan of Excel, having been blown away when I first saw the power of Visicalc on an Apple. Unfortunately the analytical power of Excel sometimes leads us to depend too much on the forecasts we develop with it. We live in a world full of uncertainty, both [...]