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”
As Voltaire said, “History never repeats itself; man always does.” Many interpret this saying differently, but the core message that human behavior is hard to change is clear. Since humans cannot predict the future, they can only forecast it based on past experiences. That’s the best way to anticipate what’s ahead. The current economic and financial landscape is driven by irrational human behavior that remains constant. It is not based on < hard skills > like investment techniques or mathematical formulas but on < soft skills > such as emotions, psychological reactions , and attitudes. Understanding humans helps us understand the world. Therefore, history and the humanities play a significant role in wealth building . However, it takes just a few soft skills to accumulate wealth, and ultimately, human actions shape a person’s destiny. In wealth building, soft skills and behavior matter more than grand theories or knowledge. - Joseph’s “just my thoughts”