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The 4-Hour Workweek: Escape 9–5, Live Anywhere, and Join the New Rich - Expanded and UpdatedCancel anything that cannot be justified with a trackable ROI. 7. Limit Downside to Ensure UpsideБЂ”Sacrifice Margin for Safety DonБЂ™t manufacture product in large quantities to increase margin unless your product and marketing are tested and ready for rollout without changes. If a limited number of prototypes cost $10 per piece to manufacture and sell for $11 each, thatБЂ™s fine for the initial testing period, and essential for limiting downside. Sacrifice margin temporarily for the testing phase, if need be, and avoid potentially fatal upfront overcommitments. 8. Negotiate LateБЂ”Make Others Negotiate Against Themselves Never make a first offer when purchasing. Flinch after the first offer (БЂњ$3,000!БЂ« followed by pure silence, which uncomfortable salespeople fill by dropping the price once), let people negotiate against themselves (БЂњIs that really the best you can offer?БЂ« elicits at least one additional drop in price), then БЂњbracket.БЂ« If they end up at $2,000 and you want to pay $1,500, offer $1,250 ...» |
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