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Lessons from the Fall of Blockbuster Video

One of the great business anecdotes regarding the perils of shortsightedness is the fall of Blockbuster Video, especially in light of how that company had multiple opportunities to buy Netflix but declined to do so. Of course, we all know today that Netflix is a behemoth in the world of…
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Survivorship Bias

Can a business get away with only using feedback surveys rather than investing the time and resources into a fully featured mystery shopping program? The temptation is understandable, since a manager might think he can just put a few questions into an online form and pass a hyperlink out to…
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The Sunk-Cost Fallacy

A common saying is that hindsight is 20/20, that it’s far easier to judge a decision in retrospect than it is before the outcome is known. We all make choices in our personal lives and in business without knowing all of the details; sometimes we decide with incomplete or even…
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Use the 80/20 Rule to Guide Your Business

The 80/20 Rule is traditionally known as the Pareto Principle, named for Italian economist Vilfredo Pareto (1848–1923). Pareto discovered a recurring phenomenon that appeared in many aspects of life, from land ownership to broader economics: put simply, this principle states that 80% of results come from 20% of effort. This…
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From Vision to Fruition

Every business owner should have a vision for what his or her company should ideally be. That vision should include expectations like offering a superior customer experience with high-quality products and services. But how do you do this? Think of your vision as a goal, what you hope your business…
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