Do you know what successful entrepreneurs like Charlie Munger, Warren Buffett, Carl Icahn, and Elon Musk have in common? They all use the first principles methodology to solve problems and create solutions. First principles are a time-tested approach that goes back to Aristotle. What’s the opportunity? What challenges is the business likely to face. And what is the most logical approach to take to meet the oppportunity, and does it adequately address the challenges?. By identifying the challenges and breaking down problems to their fundamental parts, you can find innovative solutions to almost any problem.
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