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”
To build wealth, you must live on your current income, not your future income. Using a credit card allows you to live in the present relying on future income, whereas using a debit card or cash enables you to live in the present with current income. To achieve prosperity, you need to have compound interest working in your favor. Living in the present with future income means depending on the compound interest of others , while living in the present with current income allows you to benefit from compound interest yourself. Don’t live in the present by discounting the future. Don’t discount your time; give it a premium. - Joseph’s “just my thoughts”