A ‘transaction’ is an act of debt between parties. The seller owes goods to the buyer (performance debt), and the buyer owes money to the seller (monetary debt). A transaction is considered complete when the debt is settled and the promise to owe each other is called a ‘contract.’ Thus, a good trader or businessman excels at making and repaying debts. When it comes to debt, the type of debt matters. Anyone who misjudges this should not engage in business. - Joseph’s “just my thoughts”
There are many reasons why a business is challenging. Still, the most general and essential mistake is the inability to distinguish between “good and bad revenues” and “good and bad debts.” Competitors take away good revenues if you are not competitive, and relatively inadequate revenues are selected. If the financial situation is terrible, choosing a lousy debt rather than a good one will be possible. Sometimes, your situation makes a bad choice, but somebody stands up to the problem and endures a chance. In other words, emotion and patience are more important than the situation. - Joseph’s “just my thoughts”