How Thinking In First Principles Boosts Your Dropshipping Business?

Elon Musk is probably the most prominent innovator of our generation.

And it is rightfully so because his multi-billion dollar companies like SpaceX, PayPal, and Tesla Motors have contributed greatly to our technological advancements.

Most would easily connect this sort of success to a person that is being highly intelligent or just plain genius. However, there are other factors to his success that are often overlooked—and that is his attitude towards obstacles and the ability to simplify complex problems.

And his outstanding problem-solving skills can be attributed to what is known as thinking in first principles.

For today’s topic, I will be discussing this form of thought and how you can apply it to your dropshipping business and achieve the success you desire.

So without further delays, let’s get right into it…

Photo credits: biography.com

What is First Principle Thinking?

I was acquainted with the term First Principle Thinking from Elon Musks’ TED interview.

And this idea basically refers to our tendency to solve problems.

Before I give its definition, allow me to briefly discuss its opposite, which is reasoning by analogy or something that I personally refer to as conformity or conventional thinking.

And the reason why I call it as such is that in events of a crisis, most people tend to blindly follow the examples of others. And most of the time, they make bad decisions and fail eventually.

On the other hand, First Principle Thinking is a process whereby we approach every complex problem as if we’re starting from scratch. We start breaking them down into their very foundation.

Now, its nucleus is what is referred to as the First Principle Thinking.

The idea is that we can completely comprehend a problem by analyzing its foundation. As a result, it will give us the ability to tackle the obstacle faster and more effectively.

Consider this quote by Albert Einstein as an example “If I had an hour to solve a difficult problem, I would spend my 55 minutes thinking about the problem and 5 minutes thinking of solutions.”

And to put it in another thought, for example, how a tree is cultivated.

For a person thinking in First Principles, they would consider first finding good soil. And this is so because it is in this way that they would have a bountiful harvest.

For a layman, their perception of agriculture is shallow, which would only include planting seeds and harvesting.

Find the root cause of your problem, and then uproot it. Do this, and I guarantee that everything will work out fine for you eventually.

What are the Benefits of Thinking in First Principles?

Aside from being able to effectively manage your affairs, you will also find two other benefits, which include the following—

  • Innovation – it puts you in a position where you can find creative ways to solve a problem.

  • Optimization – it gives us the advantage of seeing issues that we may have overlooked in the past. As a result, it allows us to rectify prior mistakes and prevent them from happening again.

The Application of First Principle Thinking in Dropshipping

I believe that having a First Principle Thinking in addressing dropshipping affairs is crucial in order for the entrepreneur to effectively manage their business.

To give you a quick summary of how you can convert yourself into thinking in First Principles, then refer to the following—

  1. Students find winning products

  2. Students test products every day

  3. Students obtain a solid mindset

  4. Students make the leap and choose to get started

  5. Students motivated by a happy and abundant life

  6. Students rely on how fruitless the current 9-5 life is

Final Thoughts

Thinking in First Principles is definitely ideal for entrepreneurs because it gives them the upper hand when it comes to dealing with obstacles.

Knowing the root cause of the problem enables us to create a plan that improves our chances of succeeding in whatever endeavor we engaged in.

I do hope that our today’s content has been a blessing and helped you realized how it could help you boost your business as well.

So yes, that’s just about it for today!

Thank you for the time!

And I hope to see you next time!

Peace!

inspirational

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