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Casual Articles - Should we Believe the Experts? (Part II)
The buying and selling of privately owned businesses in Australia has often been referred to as the hidden market. This is due to the fact that historically businesses have been very reluctant to reveal that they are for sale, which has kept a $Trillion market be hidden from view. But this is starting to change.With a growing number of businesses coming onto the market as the baby boomer generation heads toward retirement, businesses are taking a far more open approach to
What was the
Coin counters are machines, sometimes manual, sometimes battery operated and sometimes electrical which sort, count and sometimes wrap hard currency. Coin counters are useful at home for sorting loose change into bankable money.Home currency coin countersIf you traditionally are a coin saver, maybe emptying your change pocket into a jar or bank, or even a box or larger container, you know that the coins become very heavy. They are too heavy to be carried around in a pur
In 1876, Alexander Graham Bell offered his telephone patent to Western Union, the largest telegraph company in America, for $100,000. A committee of experts was convened to decide on the company’s interest in the new technology. The decision was clear.
“Bell’s profession is that of a voice teacher … yet he claims to have discovered an instrument of great practical value in communication, which has been overlooked by thousands of workers who have spent years in this field. Any telegraph engineer will at once see the fallacy of this plan. The public simply cannot be trusted to handle technical communications equipment … When making a call, the subscriber must give the number verbally to the operator who will have to deal with the persons who may be illiterate, speak with lisps or stammer, or have foreign accents or who may be sleepy or intoxicated when making a call … In conclusion, the committee feels that it must advise against any investment whatever in Bell’s scheme.” (Martin 1977, p 11)
What was the
Warehouse management is the technique of supervising the receiving, handling, storing, moving, packaging, and distributing of materials in and around the warehouse. They deal in finished goods and involve functions such as cross-reference lists and warehouse master records. On the other hand, there are other tasks such as allocation of the goods, transfer in process, safety of stock, acquiring statistics by location, and safety of stock, also maneuvered by the warehouse management. T
“Bell’s profession is that of a voice teacher … yet he claims to have discovered an instrument of great practical value in communication, which has been overlooked by thousands of workers who have spent years in this field. Any telegraph engineer will at once see the fallacy of this plan. The public simply cannot be trusted to handle technical communications equipment … When making a call, the subscriber must give the number verbally to the operator who will have to deal with the persons who may be illiterate, speak with lisps or stammer, or have foreign accents or who may be sleepy or intoxicated when making a call … In conclusion, the committee feels that it must advise against any investment whatever in Bell’s scheme.” (Martin 1977, p 11)
What was the
FIRST IMPRESSIONS CAN KEEP YOU FROM OPPORTUNITIESMost people can identify situations in which they dismissed an opportunity that someone else capitalized on later. Often these opportunities were overlooked or rejected because they were perceived as dull, boring, or unpleasant. You may recall the fairy tale of "The Ugly Duckling." It is the story of a cast-off baby bird that is mistreated because it is unattractive to the young ducklings raised with it. Much to everyone's surpr
What was the
Global supply chain management has emerged as a major topic in the age of globalization and now it is sitting at the heart of the whole system. But you might be asking yourself, so what exactly is supply chain management and how can it affect my company?Let’s understand what it is first.From the production house the product starts it journey and travels through to the supplier, distributor, retailer and ends at the hands of the consumer. This whole journey is a well m
What was the
A business card can be an extremely useful tool for marketing your business and yourself. Your business card should be professional in appearance and have several different methods to contact you. These should include telephone number, fax number, email address and mailing address. Additional contact information is a plus.One of the biggest mistakes you can make with your business cards is not handing enough of them out. Business cards are an inexpensive way of leaving a p
What was the cause of the blindness exhibited by the Western Union committee? Another common cause of expert misjudgment is the “numeration bias.” Experts, like all humans, tend to assign a value to an idea by the number of people who support it. On the one hand, Western Union had all the “thousand of workers who spend years in the field” and on the other, the lone Alexander Graham Bell, who wasn’t even an engineer, but a voice teacher. Who would you believe? Could you blame Western Union for dismissing the value of Bell’s patent? The implications of Western Union’s misguided intuition were profound. In 1877, when three thousand telephones were already in service, Western Union realized that they made a tremendous mistake, and in December of 1877, they set up the American Speaking Telephone Company, in clear violation of Bell’s patents. In September 1878, the Bell Telephone C
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