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Overwhelmed? 4 Steps To Business Sanity

A friend of mine is the CEO of a rapidly growing funded company. A couple weeks ago, catching up briefly on a call, he mentioned he was totally over-bandwidth. Almost drowning, even.

So we blocked out some time today, starting with the always-key question of, "What are the key actions that ensure your company's success?" Not the nice ones, not the bonuses, but which are really the make-or-break stuff?

And here's where things got interesting. As he walked me through success at his company, his "absolutely must-happen" list was about… 30 things long.

Do you know what that means?

It means his "absolutely must-happen" list is actually zero things long. In the event of an emergency, actions will be picked haphazardly and erratically, just like someone didn't have a must-do list at all.

Revisit: Opportunity Cost: A Quiz

On Econoception

Let us revisit the question on opportunity cost posted a few days back.

Suppose you won a free ticket to see an Eric Clapton concert tonight. You can't resell it. Bob Dylan is performing on the same night and his concert is the only other activity you are considering. A Dylan ticket costs $40 and on any given day you would be willing to pay as much as $50 to see him perform. (In other words, if Dylan tickets sold for more than $50, you would pass on the opportunity to see him even if you had nothing else to do.) There is no other cost of seeing either performer.

[polldaddy poll=6393995]

There were only three people who responded to this question. Two chose $0 and the other chose $40. All of them got it wrong!

Here's the solution from the book:

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