Episode 1 of the Basic Business Thinking Podcast, "ROI"

In this episode we talk about:

(2:00) What is the single most important element that business owners must learn to master?

(4:20) Why you can't be in business without an investment

(5:18) Why some people who are in the business, get owned by the business

(5:36) The most important concept: A Return of your Investment

(7:10) What is Profit?

(7:57) The importance of looking at your profit to see the actual state of your business.

(9:01) Why basic business thinking is absolutely required.

(10:49) What is Return of Investment?

(12:33) The value of time.

(13:40) What is your business doing for you? vs. What are you doing for your business to survive?

(14:40) Why small business owners find it difficult to understand accounting reports

(16:00) Why numbers in accounting reports should have actionable comprehensibility.

(17:35) The basic structure to understand Income Statement, Cash Flow Statement and Balance Sheet

(22:44) How often you should look at your balance sheet

(23:09) Where can business owners begin to identify their return?

(24:34) What does "profit is a story" mean?

(28:58) Will focusing too much on profit make you a greedy person?

(29:50) Looking at small businesses as a blank canvas

(31:22) The golden rule of profit

(32:31) What we as business owners should be competing to do?

(36:03) Communism's marching cry

(38:04) Why some people find the idea of "customer's profit" nonsensical

(39:42) Prometheus: The story that represents profit

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