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▶ People with high status are often treated bett ▶ People with high status are often treated better than others.
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⚾ In a study by Kim and King (2014) it was found that in baseball, performers from whom we expect superior performance (based on their status and fame) tend to be judged more favorably than performers from whom there is no such expectation. Similar studies show the same effect in different fields. So what, why is this important? Well, umpire errors resulting from status bias lead to actual performance differences for the team with the status player!
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📣 IMPLICATIONS for you: Customers pay more for the services of famous and high status providers, and companies pay more salary to their high status employees. Suppliers give more discount for high status buyers, and competitors have more respect for their high status rivals. Invest in your REPUTATION.
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#mattheweffect #statusbias #umpire #baseballstudies #highstatus #morebenefits #reputationmanagement #fame #managementstudies #businessstudies #entrepreneurshipeducation #businesseducation #businessownertips #startuptips #entrepreneurshiptips #startupadvice #businessadvice #bmsbusinessconcepts
▶ Most entrepreneurs - about 80% - bootstrap the ▶ Most entrepreneurs - about 80% - bootstrap their way to growth (that is, if they survive). These entrepreneurs don't use external sources of funding such as angel investments, venture capital or loans.
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📈 The biggest ADVANTAGE of bootstrapping is the full control of the company. Investors are not involved so the burden of reporting and external decision makers is not present.
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📉 The biggest DOWNSIDE of bootstrapping is lack of capital that would help accelerate the growth of the business. Moreover, experienced investors can often give direction and connections to high growth potentials when they have their own money at stake.
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#bootstrapping #startupfunding #angelinvestor #venturecapital #businessloan #businessgrowth #startupgrowth #highgrowth #businessinvestor #startuptips #businessownertips #entrepreneurshiptips #businessadvice #startupadvice #startupskills #entrepreneurshipeducation #businesseducation #businessstudies #bmsbusinessconcepts
▶ First there are a few enthusiasts who buy your ▶ First there are a few enthusiasts who buy your new product. If they like it, you'll be able to target some early adopters. This is where it gets critical. Can you rebuild, adapt, and expand your product so well at this point that the positive reviews and word of mouth marketing of the early adopters will get you to the early main stream customers?
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🏃 "Crossing the Chasm", a book by Geoffrey Moore, deals with this very problem. A must read for any innovative entrepreneur who plans for a serious high growth business. Business consultants, coaches, and teachers should definitely this book too.
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📙 Learn more about early adopters in my blog article on "Who will buy your innovative product?" at businessmodelscholar.com (link also in bio @businessmodelscholar).
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#crossingthechasm #thechasm #geoffreymoore #earlyadopters #earlymajority #diffusionofinnovations #startupgrowth #startuptips #businessownertips #businessadvice #businessconcept #entrepreneurshiptips #productinnovation #highgrowth #exponentialgrowth #growthmanagement #innovators #businessstudies #businessstudent #mbastudent #businessmodelscholar #learnfastwithbms #bmsbusinessconcepts
▶ It's time for everyone to start measuring thei ▶ It's time for everyone to start measuring their performance by the three P's; PEOPLE, PLANET, and PROFIT. Individuals should use this framework too.
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#triplebottomline #socialperformance #environmentalperformance #financialperformance #corporatesocialresponsibility #socialimpact #sustainabledevelopment #sustainablelifestyle #businessownertips #startuptips #businessstudies #businessstudent #mbastudent #businessmodelscholar #learnfastwithbms #bmsbusinessconcepts
▶ Suggested by consultant Joseph Juran and named ▶ Suggested by consultant Joseph Juran and named after economist Vilfredo Pareto, the principle was first referred to the fact that 80% of the Italian land was owned by 20% of the population. It has become a popular statement in many disciplines. In management it usually means that 80% of sales come from 20% of clients or products.
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📣 WHAT YOU CAN DO with this piece of information is:
1) find out which of your clients and products bring the 80% of your sales,
2) make these your priorities or "flagships",
3) create products and services that complement the top 80% and see your sales grow.
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#pareto #paretoprinciple #8020rule #basiceconomics #businessanalysis #dataanalysis #growthhacks #growthstrategy #startuptips #startuptools #businesstools #businesstips #flagship #businessstudies #businessstudent #mbastudent #businessownerlife #businessmodelscholar #learnfastwithbms #bmsbusinessconcepts
▶ The global coronavirus outbreak IS NOT a black ▶ The global coronavirus outbreak IS NOT a black swan.
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🤓 The black swan theory was developed by statistician Nassim Nicholas Taleb. He first discussed black swan events in his book Fooled By Randomness in 2001 and later on in The Black Swan in 2007. To count as a black swan event, an event must 1) be an outlier and hence not predictable, 2) carry a major impact, and 3) be understandable and retrospectively predictable. Examples of black swans are 9/11, the rise of the Internet, and World War l.
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❌ The current pandemic was predictable (in fact, it was predicted by many epidemiologists and for example Bill Gates) and hence not a black swan, but more like a "portent of a more fragile global system", as Taleb puts it in a recent interview with The New Yorker.
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#blackswan #nassimtaleb #economics #probability #statistics #pandemic2020 #shock #economiccrisis #businessconcept #bmsbusinessconcepts
▶ The term was developed in the 1950s by an Engl ▶ The term was developed in the 1950s by an English educator and literacy critic I. A. Richards. It is only slowly becoming more popular in the management field. A great book "The Feedback Fix" written by Joe Hirsch provides an insightful discussion about the practices of feedback and feedforward. Extremely useful for leaders and teachers! 🤓
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🚀 Follow @businessmodelscholar for more great insights.
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#feedforward #feedback #concept #constructivecriticism #careerdevelopment #selfdevelopment #leadershipskills #leader #pedagogy #teacher #startuplife #founder #businessowner #entrepreneur #bmsbusinessconcepts

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