Founders must understand brain psychology to avoid reacting emotionally
Marcia Kilgore · Serial Entrepreneur: Marcia Kilgore · Jan 22, 2018 · at 43:49
Serial entrepreneur Marcia Kilgore explains the essential mental models and self-awareness tools needed by founders to evaluate decisions and overcome cognitive biases.
0:00 / 0:20exact quote · 20.5s
720p mp4 · rendered on demand · StarZero watermark
“One of the tools that they should have is the understanding of how the human brain works, right? Because if you can understand how your brain is fooling you, when you might be reacting to something rather than making a sound decision, or When you might be feeling insecure, when you really shouldn't be, or when you're jumping to a judgment that, that necessarily doesn't have enough information to back it up.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Marcia Kilgore
Kilgore: Mainstream beauty products carry at least a 1,200% retail markup
“And in all of these different layers of distribution, you would end up with a markup of 1200% At minimum on that product. So something that is manufactured for five dollars would retail for 60 at minimum because the retailer themselves are taking at least half…”
True entrepreneurs hedge bets and avoid risking everything on one venture
“True entrepreneurs always hedge their bets, right? You don't give up your day job because you think that your, you know, side hustle or whatever it is, is going to actually pay off. You always do two things at the same time because one of them may not work and…”
Kilgore: True entrepreneurs hedge their bets by running two ventures simultaneously
“True entrepreneurs always hedge their bets, right? You don't give up your day job because you think that your, you know, side hustle or whatever it is, is going to actually pay off. You always do two things at the same time because one of them may not work and…”
Kilgore: Beauty Pie caps product markup at 3x manufactured cost
“So we negotiate hard with our manufacturers, but it stops at about three times the manufactured cost, and it doesn't go farther than that, whereas most beauty products go to 10 or 12, or sometimes 20.”
Kilgore: Brands need a few flagship stores with lines, not 20 locations
“When you talk about retail stores, I don't think you need, you know, 20 of them. I think you need, like, a couple of really good ones strategically located where there is a line out the door. Nothing is better for your business than a line out the door of peop…”