Hello and welcome to Business 300.

My name is Philip Kulenshov and this is 300 seconds about business.

We're all a busy people, so I have five minutes or less to get my point across.

I only have time for a conclusion, so here it is.

To sum up, the seven wastes are no good.

We've covered them all.

Starting way back in episode 62, I introduced the seven wastes.

Waste is whatever the customer is unwilling to pay for.

They can be categorized into seven groupings, and those seven can be organized into three fundamental categories. Process waste, people waste, and product waste.

Then episode 75 laid a bedrock for how to think about waste.

If the goal of your business is to deliver value to your customer, things that don't add value are wasteful.

The first of them, the Big Mama, is overproduction.

I covered that in episode 76 and 77.

It took two episodes because it's that important.

Overproduction is the biggest source of all your problems.

It's the easiest one to fall into and hardest to climb out of.

Our natural tendencies lead us to overproduce.

Overproduction is a vice that we think is a virtue, and repenting of your virtues is double tricky.

Finite capacity and opportunity cost thinking helps us here.

Next, episode 84 covered the waste of overprocessing.

This is when we do more than what the customer needs

us to do. Either we don't understand what the customer wants, our product or service is designed

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