What is first principles thinking? What's an example?
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What does first principles mean?
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First Principles is a form of problem solving where you take your end objective and work backwards with a fundamental logic to solve the problem. Its an effective way to break down a complex problem into smaller & simpler components.
Here is a common example:
- Grow a company:
- This can be done either organically or inorganically
- If you choose inorganic then the idea will be to evaluate M&A targets
- If you choose organic then the idea will be to grow revenue
- Revenue growth can happen by selling more of the same product or same product with higher price
- If you want to sell more of the same product - you can sell it to your existing customers or new customers
- If you want to sell to new customers they can either be in the same geography or a new geography
- etc. etc.
- keeping chopping at it till you reach the end of the tree
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A first principle is a basic proposition or assumption that cannot be deduced from any other proposition or assumption. It is something that is axiomatic.
An example of a first principle (in consulting) is that more profit = better.
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Hi there,
Can you provide us a bit of context here? Where are you seeing this being referenced?
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