In this episode, we talk with Leigh Caldwell about leveraging behavioral economics to understand customers' behaviors and motivations. Leigh is a mathematician and economist with expertise in cognitive and behavioral theories. He is the co-founder and partner of The Irrational Agency, where he applies behavioural economics to market research. Through his blog and book, The Psychology Of Price, Leigh has explored economic, psychological, and pricing topics extensively. We discuss stories, game theory, mathematics and more - all to create pricing strategies that can provide deeper insight into customer decision-making. Join us as Leigh shares his journey of understanding human behavior through math, psychology, and behavioral economics. Discover how you can utilize these approaches to build successful MVPs while unlocking data-driven emotional payoffs for customers when offering deals and discounts.

Leigh Caldwell: Understanding People Through Mathematics, Psychology and Behavioral Economics

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Greg Mohr is a seasoned entrepreneur and franchise consultant, and we spoke about the fascinating world of franchising versus starting a privately owned business. Throughout the interview, Greg shared insights from his personal journey transitioning from a corporate engineer to a franchise consultant, revealing the complexities and rewards of each path. Greg candidly discussed the pros and cons of franchising compared to launching and managing a private business. He reflects on his initial ventures, stating, "I didn't know a thing about dry cleaning, and I didn't have anybody to turn to. It's our business. We could do whatever we wanted with it, got all the money for it." This highlights the autonomy and potential financial rewards of privately owned businesses but underscores the steep learning curve and risks involved. In contrast, franchising presented a structured path with robust support systems. Greg appreciated the pre-existing frameworks that helped him navigate the business landscape more effectively: "They have a plan of action, so they have a plan of action for me. Do this, do this, do this. They've already gone through all the hurdles. They've already made all the mistakes." The episode delves into how franchises can accelerate the journey to success, with Greg noting, "You're really looking to have that franchise get you there to where you want to be two to three years quicker than if you were to do it yourself." Listeners can also gain valuable insights from Greg's experience with franchise consultants, who helped demystify the process and set realistic expectations. "The franchise consultant said, whoa, let's put your brakes on all that. Take a step back and let's look at, where have you been?" This advice underscores the importance of careful, informed decision-making in franchising. Moreover, Greg discusses the importance of due diligence when exploring franchise opportunities, emphasizing the need to understand the franchise disclosure documents and speak with current franchisees. He advises, "You want to make certain that you talk to as many as possible. 10, 15, 100, whatever you have time for." Key takeaways from the episode include the importance of understanding both the financial and operational aspects of franchising, the value of expert guidance in navigating the franchise landscape, and the critical role of self-reflection and suitability when considering entrepreneurship. Greg's journey and insights provide a rich resource for anyone considering the franchise route, illuminating the path with real-world examples and practical advice. Whether you're an aspiring entrepreneur or a seasoned business owner, this episode offers a deep dive into what it takes to make informed decisions in the dynamic world of business ownership.

Greg Mohr: Franchise or DIY Business - Which Wins?

Alex Neist is a former athlete turned serial entrepreneur, and we spoke about the dramatic shifts in his personal and professional life that led to profound self-reflection and eventually, groundbreaking innovation. Through a candid recount of his experiences, Alex shares how hitting rock bottom was not the end but a pivotal beginning. "Six years ago, I thought I had everything... And then two years after that, I lost all of it," Alex reveals, setting the stage for a discussion on resilience and reinvention. Central to our conversation is the theme of recovery, not just in business, but in personal health and relationships. Alex emphasizes the importance of sleep as a cornerstone of recovery, which ultimately led him to a surprising discovery that changed his life. "The one of the first things I started to look at was my sleep, which led me to this company that we founded now," he explains. This journey into the world of sleep improvement illustrates how personal challenges can lead to professional opportunities. Alex also touches on the emotional and physical toll of entrepreneurial life, particularly how neglecting personal relationships can spiral into larger life crises. His personal story is a stark reminder of the interconnectedness of our well-being and our work. "I was ignoring my wife and my kids, and then it just all kind of spiraled out of control from there," he shares, highlighting the critical balance needed between work and home life. From his narrative, listeners can glean insights into the mindset of overcoming adversity and the relentless pursuit of solutions that define entrepreneurial success. Alex's approach to business and life is encapsulated in his advice, "look around you and look for problems... because some of the best businesses are businesses that are solving a problem." His reflection on past ventures and the evolution into his current success story provides a blueprint for transforming personal setbacks into professional victories. The episode is packed with lessons on resilience, the science of sleep, and the art of brand creation, making it a rich resource for anyone looking to understand how to turn life’s low points into platforms for innovation. Alex's story is not just about the rise, fall, and rise again of a businessman but about how a deep dive into personal health can lead to the most significant professional breakthroughs. As we explore his journey, we uncover the essential elements of bouncing back stronger and the impact of self-care on achieving sustainable success.

Alex Neist: How Does Overcoming Adversity Fuel Success?

Jeff D. Standridge, Managing Director of Innovation Junkie, brings a wealth of experience as an accomplished entrepreneur and venture capitalist. Our conversation explored the valuable insights he has derived from his extensive and varied career. From his early academic challenges to becoming a corporate executive and influential mentor, Jeff illustrates that "failure is only failure if you quit, otherwise it's just feedback." Throughout the interview, Jeff shares his journey from a small-town upbringing to international business success, emphasizing the importance of resilience and adaptability. He recounts his transformative experiences, saying, "I spent about 20 years as a corporate executive...and that's really what led me into the world of entrepreneurship and venture capital investing." His stories underscore the significant impact of embracing setbacks as learning opportunities, a theme he passionately advocates. Jeff also dives into the principles that have guided his approach to business and leadership. He discusses the "culture of excellence" that sustained companies foster, which revolves around strong leadership, clear organizational focus, committed team engagement, empowering communication, complete accountability, and organizational agility. This framework, Jeff explains, is essential for any organization aiming to achieve strategic and sustained growth. Moreover, Jeff touches on his literary contributions, which aim to guide and inspire entrepreneurs. His books like 'The Innovator's Field Guide' and 'Top Performers Field Guide' offer reflective questions that encourage deep thinking about innovation and performance. He reflects on the dual importance of results and relationships: "If we are so focused on the delivery of results at the expense of relationships, we will be wildly successful very quickly until we alienate everyone around us." In addition to business, Jeff shares personal reflections, stressing the importance of balance and prioritizing family. He advises, "Business is a means to something. It's not the end in and of itself," emphasizing that personal relationships should not be sacrificed for business success. Listeners will leave this episode with a deeper understanding of how setbacks can be reframed as stepping stones to success, the critical elements of creating a culture of excellence in any organization, and the importance of maintaining balance between professional ambitions and personal life. Jeff's journey and insights are a testament to the power of perseverance and the potential for personal and professional transformation.

Jeff D. Standridge: Can Failure Fuel Success?

Dana Samuelson brings a wealth of knowledge from his 44 years in the gold markets, and in this episode, we discussed the dynamics influencing the price of gold and the role it plays in investment strategies. Dana delved into the primary factors driving gold's price increase, such as global debt levels, inflation, and geopolitical fears, particularly the tensions in the Middle East. According to Dana, "It's not so much that gold is gaining so much in value, it's that the purchasing power of fiat currencies...are losing purchasing power." This highlights the intrinsic value of gold in an unstable economic climate. Moreover, Dana pointed out, "Gold tends to climb a wall of worry and there's a lot to worry about in the world right now, sadly." His insights reveal how gold serves not just as a commodity but as a barometer for broader economic and geopolitical trends. We also explored the various ways to participate in the precious metals market, from investing in mining stocks to purchasing physical gold and exchange-traded funds. Dana emphasized the tangible nature of physical gold, noting that owning gold and silver is like having a savings account outside of the traditional banking system. He argues that gold is a reliable hedge against inflation, saying, "What would you rather own as a savings account? Gold, which is an inflation hedge, or a dollar, which continues to lose its purchasing power every year, especially when inflation is running at 3.5% or more." In addition to the financial aspects of gold, Dana shared his personal journey as an entrepreneur and the ethos that has guided his business practices. His commitment to fairness and transparency is evident when he said, "The thing that was the most important aspect to me was retaining my clients...you treat them fairly and you tell them the truth so they trust you." This episode underscores the enduring value of gold as a safe haven, particularly in times of economic turbulence and inflation. We explore various investment avenues, from physical gold to gold ETFs, each with unique considerations for investors. Additionally, Dana Samuelson shares his philosophy on business growth, emphasizing ethical practices and client trust. These insights not only shed light on the precious metals market but also offer valuable lessons for entrepreneurs looking to forge their own paths in any sector.

Dana Samuelson: Is Gold the Ultimate Safe Haven?

Mark McNamee is a seasoned political and economic analyst specializing in Eastern Europe, and our conversation revolved around his firsthand experiences and strategic insights amidst the ongoing crisis in Ukraine. Mark shared an impactful story from a recent meeting disrupted by an unexpected air raid in Kyiv, illustrating the daily realities of living and working in a conflict zone. He explained, "We were very surprised, because typically we would get some sort of air raid notification...But we were all surprised, and we're kind of wondering, was it actually a bomb?" This moment encapsulates the unexpected challenges faced by businesses operating in Ukraine. Our discussion extended to Mark's personal and professional journey that led him to Ukraine at this critical historical juncture. With roots tracing back to Ukrainian ancestors and a robust academic background in Russian and Eurasian studies, Mark's life has been a preparation for his current role. He detailed his path: "So I moved here October 2023...I focused on sort of central and eastern european russian empire history in university." Mark also provided deep insights into the resilience and potential of the Ukrainian economy, emphasizing the continued commitment of Western businesses despite the ongoing war. He highlighted the surprising optimism among multinational corporations: "Essentially none of them have cut off investments to Ukraine. They all plan to stay the course." This reflects a broader sentiment that despite immediate challenges, there is a strong future for Ukraine on the global economic stage. Key takeaways from our conversation include the strategic importance of understanding both macro and microeconomic elements when navigating business in volatile regions. Mark's work with the UBN Network exemplifies this, as they "connect the macro to the micro," offering tailored insights that link global events to local business impacts. Listeners will gain an appreciation for the complex interplay of politics, economy, and security in shaping business strategies in high-risk areas. Mark's account is a testament to the power of informed resilience and strategic foresight in overcoming adversity.

Leigh Caldwell: Understanding People Through Mathematics, Psychology and Behavioral Economics

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