A couple of years ago, I’ve heard a very interesting discussion between a rich business man and an economics professor. It went something like this :
Biz man : I have a question regarding my business plan
Prof : Sure, I can help you with the economics
Prof : But the economics of the model don’t work
Biz man : Why ? I really think people might buy it at this price
Prof : In the long term the Economic Model is not sustainable
Biz man : This is a great Business Model, I made $50M in business and you probably made nothing, what do you understand about economics ?
Prof : I’ll answer to that with a question, what is the highest paying profession a 18 year old female can work in?
Biz man : ok
Prof : that profession allows an 18 year old women to make 250 USD an hour or more at the start, at 250 an hour, working 100 hours a month, that’s 25K a month, after 40 month, before the age of 22 she cold have made a million USD.
Biz man : So ? What’s the relation to our discussion ?
Prof : I could have made millions from my knowledge, probably more than you, I simply DECIDED to do something better
I also have an Infographic if you didn’t understand