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Equity Financing

Finance · 3 min read 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...

Scalability

Strategy · 3 min read 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...

Supply and Demand

Finance · 3 min read 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...

First Mover Advantage

Strategy · 3 min read 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...

EBITDA

Finance · 4 min read 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...

Differentiation

Marketing · 3 min read 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...