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A first principle is a basic foundational fact, theory or assumption. Each branch of science or domain of business is based on a set of first principles that can be applied to solve problems. For example, business is typically based on first principles of economics such as supply and demand. Practical AssumptionsFirst principles aren't necessarily true. For example, you could adopt the principle that customer's take the path of least resistance such that they are likely to purchase the most convenient option. This may be a valuable principle that is useful to developing products and services -- even if it's not strictly true because some customers will not behave in this way.|
Function | | Value | First principles can be used to guide decision making and problem solving. They represent basic known facts beyond which everything can be questioned to arrive at a solution. | Related Techniques | |
Next: Examples of First Principles
First Principles
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