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“One day in Paris a wealthy woman goes into a café and sees Picas­so,” writes Alas­tair Dry­burgh in Every­thing You Know About Busi­ness Is Wrong.

After a few min­utes, she sum­mons up the courage to approach him.

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‘Mon­sieur Picas­so,’ she asks, ‘would you make a por­trait of me? I’ll pay you any­thing you want.’ Picas­so nods, grabs a menu, and in five min­utes has sketched the wom­an’s por­trait on the back of it. He hands it to her.

‘Five thou­sand francs,’ he says.

‘But Mon­sieur Picas­so, it only took you five min­utes.’

‘No, Madam, it took me my whole life.’

This anec­dote has been ele­vat­ed, in books like Dry­burgh’s, to the sta­tus of a “Picas­so Prin­ci­ple.” Indi­vid­u­als and busi­ness­es alike, this prin­ci­ple states, should price their goods and ser­vices in accor­dance not just with the time and effort required to do the job, but the time and effort required to make doing the job pos­si