First Principles Thinking for E-Commerce Part I of II

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Podcast (10k-podcast): Play in new window | Download (Duration: 25:52 — 23.7MB)

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What are first principles? And are there any for e-commerce sellers? In this episode we’ll explore that topic and explain how e-commerce first principles apply to your business in a powerful way.

What you’ll learn

• The 3 Parts Of 1st Principles Thinking Applied To e-commerce. They are:
  • 1.Identify and define your current assumptions.
  • 2.Break down the problem into it’s fundamental principles.
  • 3.Create new solutions
• The 5 Questions To Ask Yourself To Apply 1st Principles To E-commerce. They are:
  • 1.What Am I working on right now?
  • 2.What assumptions do I have about how this will help me?
  • 3.Why do I think it will add business value?
  • 4.How much am I spending in time or money?
  • 5.Which basic economic or psychological principles involved?
• What Elon Musk Says about 1st Principles Thinking.

Resources Mentioned

• The Goal, Eliyahu Godratt
• E-myth Revisited
• Blue Ocean Strategy
• Marketing Warfare (Al Reis & Jack Trout)