Chapter 10. Kicking the Economic Model Into Gear
A CONCEPT'S ECONOMIC MODEL is the engine under the hood. You do not see it, but it makes the enterprise go. Without a good economic model, your concept will just spin its wheels. The degree to which entrepreneurs understand the economic model and the related financials varies with their sophistication. Some people understand a few components of a profit-and-loss (P&L) statement but do not understand the ultimate profitability. Some people understand what the numbers mean financially but do not understand how the numbers directly relate to the physical operation of a store. A few people, usually CEOs and senior executives of successful chains, understand the intimate bond between the operations and ...
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