Founders often start a business without understanding their profit model. People are more likely to fail because they only think, “I have to work!” and don’t truly grasp how and why they can make money from it. They don’t understand the concept of capital, meaning the basic funds, nor do they understand the founder’s equity. They have heard the terms often but don’t really know their meaning or importance. They don’t recognize it, although they may have heard of it a lot. You start a business and partner with others without knowing whether your return is the reward for taking risks, giving up current interests, or sacrificing competitors. Understanding this is a fundamental part of entrepreneurship. Yet, in reality, they run their business without considering these issues simply because they need to work and can do so at the moment. - Joseph’s “just my thoughts”
The philosopher Aristotle stated, “ We are what we repeatedly do . Excellence, then, is not an act, but a habit .” If the repetition of an action is a ‘habit,’ then this ‘habit’ emphasizes the connection between the actions. For instance, if you consistently drink coffee after a meal, it suggests that the preceding ‘meal’ holds more significance than the coffee. In contrast, the connection of coffee following that meal is essential. Even if you cannot drink coffee, you can survive; however, if you cannot eat, your survival is at risk. Meals are important, and they take precedence over coffee. In other words, for an action to be repeated, the persistence and repeatability vary based on the priority of the actions that occur before and after the habit. - Joseph’s “just my thoughts”