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The Maverick: Dispatches from an unrepentant capitalist by Luke Johnson

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2. Management and Corporate Life

Business Maxims

Not Invented Here Syndrome

A culture that rejects established experience because it wasn’t acquired in-house. This inevitably leads to a waste of money and effort and duplication of mistakes. Such an attitude is characteristic of insular, insecure and arrogant institutions. By contrast, well-run firms embrace useful ideas and research from outsiders.

Pareto Principle

The rule that in many markets and companies 80% of sales derive from 20% of customers. The logical consequence of this is that managers should concentrate the vast majority of their energies on their large, more profitable customers – and forget their many, marginally profitable small customers.

Reversion to the Mean ...

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