My kids have a subject which i did not have before. it is called Math PS ( Problem Solving) .  I think it is a great subject, and actually this should be one of the subjects an Entrepreneur should master. It is a skill about finding the unknown by trying to understand which of the known will lead to the solving of the problem.

In real life, and in business, you don’t know all the answers.  It is important therefore to understand by what process you try to get to the known. Most business plans are like that — after all, you would not know how much exactly is your projected sales, or projected expenses.  Thus, based on known factors, you assume.  I had always said that a business plan is only as good as its assumptions.

Thus, it is important that you study your assumptions, or methods carefully — because no amount of study can make up for  bad assumptions.  Therefore a good entrepreneur must be somebody who by nature or talent, knows how to connect the dots — to the right answer.
On my entrepreneurial class, we debated on the general popular question that Microsoft ask on its applicants — how many gasoline stations are there in the United States?  Read the rest of this entry »