What Are Economies of Scale? - Startup And Small Business Saturdays Video
Startup and small business Saturdays is all about strategy that startup’s and small business’ should be doing in their business.
Economies of scale are efficiencies gained through size. Larger firms typically have advantages because they can be more efficient with the resources. This economies of scope are derived from several sources:
1. Lot size discounts. The more you buy of something, the greater the discount.
2. Legitimacy. Your size will allow you to bypass screening steps that others will have to perform.
3. Specialization and learning. You’ll have more resources to be able to specialize and allow individuals to learn about a specific task.
4. Networks and personal contacts. You have a larger number of contacts that you can draw upon. These contacts can provide opportunities.
There is also such a thing as economies of scope which are efficiencies gained through range of offerings.
Economies of scale can be derived by simply focusing on one specific thing for a substantial period of time, and continuing to invest resources in that one specific thing. Gradually, you’ll develop a competence in that one specific thing, and then you can grow the number of clients that you can handle.
Want more videos? Check out:
Marketing An Idea: Fake It Until You Make It Vs Being Authentic - Small Business & Startup Saturday
https://youtu.be/2Se2w9KIEms
A Short Trailer Of What r3ciprocity.com (Editing and Proofreading Software) Is All About:
https://youtu.be/kAj5GcsGLmA
Proofreading Software: Building A Community That Cares About Others
https://youtu.be/Sv6fhcH-8vQ
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As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out www.r3ciprocity.com
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Origins of the Idea 🌱
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Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍
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