Episode 5 – Margins Matter

The key concept of this episode is that your first idea or product isn’t going to be the profitable one.

This is the second of three episodes around pricing our products/services.

Prospect theory shows us people experience losses at 2.5 times greater than gains on a psychological level.

The important of paying attention to net margins. How much ending up in your pocket after all expenses have been covered.

This episode expands on the importance of paying yourself as discussed in Episode 4.

Pivots – I define them as is a choice to swap out our current product or service for a new one that has two things going for it (a) larger margins and (b) a clear market for that product or service