Common sense

To run a business, what you need most is common sense. It is far more useful than any educational qualificiation.

I define common sense as the ability to explain a viewpoint in commonly-used language, such it makes sense to a reader or listener.

One way to do this is by repeatedly asking why, until you arrive at the underlying assumptions and beliefs. Challenging these assumptions and beliefs often open up new ways of doing business.

I once saw a senior management team realize that they had 50% more capacity that was originally factored into their annual plans, once they arrived the following assumption — “our machines can only run during the day, and not at night”.