Most businesses face the challenge of determining how much to charge for their product, with no one-size-fits-all answer. Common mistakes include assuming everyone will pay, believing in a mythical "perfect" price, and delaying charging indefinitely due to uncertainty. Instead, entrepreneurs have learned several key pricing principles, including charging earlier than comfort level, charging more than comfortable with, justifying or eliminating the lowest-priced plan, planning on changing prices as product improves, and recognizing that there is no silver bullet for pricing in Excel. By applying these principles, businesses can make informed decisions about their pricing strategies to maximize revenue and profitability.