One of the key principles of money is ‘opportunity cost.’ It means that when I buy something, I have to give up something else in return. We think we buy because we need something, but we often forget that we could buy something else instead. We rarely consider ‘opportunity cost’ when making a purchase. We do not compare other values against our needs. Buying something means giving up something else, but we often don’t realize it. When we spend money, we should also consider the ‘opportunity cost’; yet, in reality, we aren’t trained to do so. By making a purchase, we bypass the value comparison that may not offer any additional benefits. Maybe it’s because we lack knowledge, or perhaps the idea isn’t appealing. - Joseph’s “just my thoughts”
To succeed in business, you must have business skills. Business skills can only help you earn money, not create it. The success of a business lies in "dealing with people" rather than "business skills." Dealing with people is the hardest thing in this world. Commercial skills and techniques can lead to small successes, but to achieve great success, we must be able to judge and deal with people well. Above all, we must be patient and love people. - Joseph’s “just my thoughts”