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Equity Financing

Equity financing is raising money by selling pieces of your company. The money does not have to be paid back. What you give up instead is ownership, control, and a...

Scalability

A scalable business can serve a hundred customers, then a thousand, then a million, without proportionally scaling its costs. It is not the same as growth. It is not always...

Supply and Demand

Supply and demand is the most famous diagram in economics, and the one most often misunderstood. It is not a rule about how things should work. It is a description...

First Mover Advantage

Being first sometimes wins you the market. Sometimes it just means you spent the most money teaching customers what they actually want, and someone else built it later. The difference...

EBITDA

EBITDA is earnings before interest, taxes, depreciation, and amortization. It is one of the most widely used numbers in finance. It is also one of the most misused. Knowing what...

Differentiation

Differentiation is being meaningfully different from your competitors in ways customers actually care about. Almost every business claims to be differentiated. Almost none of them can pass the only test...