311: Walmart’s Chief Economist on Inflation, War and What It Takes to Scale a Business
“I have started a number of small businesses over the past decade. I know that a number of you run your own business or are thinking about some kind of new entrepreneurial endeavor.
So, let me tell you about some of the things that I have learned. First, fewer variables make businesses easier to run and, in most cases, more profitable. You can see examples of this with big business all the time. Ever seen the menu at In-N-Out Burger? Pretty simple!
While it may seem like a good idea to offer a lot of services to a lot of different kinds of people, most of the time businesses realize that this approach is not ideal.
Too many products and services create too many variables. The more moving parts you have in a business makes it harder to run efficiently.”
Listen to the full episode on Wealthformula