New Business Terms

Some new Business terms I would love to insert into the lexicon.

Network Value:
It’s close to Metcalfe’s law, but basically mentioning that something is valuable greater than the sum of its parts – if and only if – it is connected. Metcalfe’s law is N^2 to the value, where N is users.

Dead Man’s Confirmation:
A unit or process requiring exceeding verification regarding a result. Eg. A man has just died, there’s no pulse, there’s no breathing, it’s been 5 minutes. Let’s wait for the coroner to verify it.

Rear View Mirror Strategy:
Driving by backward looking results. Often for a process that requires Dead Man’s Confirmation, a rear-view mirror is the steering mechanism. Science is this way, so not all bad (just perjorative!). It’s simply a term requiring what’s in the past to inform the decisions made in the future. ie. Void of conjecture.

…believe also useful to assign a percentage value to describe how much pass through there is from the rear view mirror to the steering wheel.

Usage eg. Why Warren Buffet beats the street is because he does NOT employ a rear view mirror strategy when making decisions.

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