It can be easy to let the excitment and energy of a new business opportunity take you away from the foundation of research and planning. But keep the focus on these core requirements and you will be better able to secure financial assistance and long-term success.

Strike while the iron is hot! Well, this isn’t necessarily the right way of going about starting a business. In fact, studies show that the number of businesses that have been built on strength of enthusiasm alone and bombed is a lot bigger, compared to those that were thought out properly and entered into conservatively.

The new science of evolutionary economics explains some of our irrational choices. How are you thinking about money?

Haven’t heard of evolutionary economics? It’s not surprising. This is a new area of study that looks into the biological and evolutionary forces that shape our economic decisions. It is related to behavioral economics, another discipline you don’t hear much about.

The behavioral perspective is more about describing what we do, while the evolutionary perspective is all about hypothesizing why we do it. For example, let’s look at an experiment that economists call the “Ultimatum Game.” It is typically played with two subjects.

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