John Collison: belief

Transcript context

…Yeah, and I think one of the classic biases that people forget is people chronically undervalue their own time. As a principle of business, everyone has an hourly rate. Within a business, human time is incredibly expensive. I think the lean companies got this right and eliminated the bottlenecks there. Okay, that's one form. What else? Next, when you start to have these fine-tuned controls. This part has been I think probably the biggest lion's share of this. Let's go back to one of the earlier conversations of why do people use checks, this horrible system and purchase orders. Well, one of the advantages of checks is unless you mail it to someone and you sign it, no money can leave your company. And what every person knows, who's ever had a credit card and gone to a gym once and had a good New Year's resolution. But you go a couple times and you're like, “Goddammit, this gym is charging me.”…

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