Page 63 - Business Mastery for Exponetial Profit make more work less ver1b 01102021

Summary of ‘First Principle’
• Break down the problem into its constituent parts.
• Examine the truth about each of them.

• Find a way to recombine them in a new way that resolves the
problem or create better value.

• Fix by restructuring resources to create (more value, less
waste).

Elon Musk cited the example of a car battery when he was trying
to build electric cars. Everyone said, the battery was too expensive
to make electric cars work well at a competitive price. He ignored
the general wisdom and investigated the truth about batteries. He
broke it down into its elements and managed to reconstitute them
differently to achieve a significant cost reduction over time. Now
Tesla Electric Cars are leading the revolution in this sector. Not a
bad result for using the ‘First Principle’. So, it can also work for you
in your business to use it to remove any bottleneck in your process,
transaction or system.

So, I would end this part with the words of Ralph Waldon Emerson.
It is important to let you know that when you have grasps the
principles on how things work, you can adopt any method suitable
to your strength. If the principle is sound, you may be able to
replicate good result with less effort. Learn to think like a scientist
in your business and your result will become predictable which is
the whole idea of this chapter.
After removing bottlenecks from each of the parts i.e. acquisition,

61