An important aspect of understanding your business ecosystem is knowing your position within it (positioning), whether you hold a higher or lower (subordinate) role, and whether your offerings are substitutes or complements. Netflix started as a DVD rental service. With the rise of online streaming, Netflix saw it as a replacement for DVD rentals. Kimbap and Ramen are complementary goods, but Ramen and Udon are substitutes. This is why, even when setting up a snack bar, paying attention to the menu is crucial. Complementary goods increase sales, while substitutes are more likely to lead to no change or even a decline in sales. - Joseph’s “just my thoughts”
Will you hire a representative or an assistant to help you? There are two key factors to consider when hiring employees for a company. Hiring a representative involves selecting someone to act on behalf of the president , giving that person a certain level of discretion , and emphasizing support for tasks they cannot handle or are difficult to decide. Hiring an assistant involves choosing someone to help the boss with their work. The main goal of HR management is to develop internal agents ; without this, the company can’t grow. That’s why we focus on hiring individuals with good character and a strong foundation from the start, seeking someone who can potentially replace the boss. So, why does the boss exist? To delegate authority and take responsibility for those they assign. - Joseph’s “just my thoughts”