Joseph's "Just My Thoughts"

The most important virtues a business person should possess are, first, keeping my word by myself, even if it seems small; second, not being afraid; and third, having the ability to build structures. Since credit is the essence of money, it plays a crucial role in the exchange of value, beginning with keeping one’s word. If you’re afraid, it becomes easy to lie or distort your true self, which can lead to losing credibility with those around you. To collaborate with others, which you can’t do alone in your business and may not fully trust, you must be able to create and manage structures to help grow your business, although with less trusty traits. The most critical of these abilities is keeping one’s word. - Joseph’s “just my thoughts”

Some individuals take the easier route instead of engaging in laborious tasks. It can be frustrating, but often there are clear reasons behind these unreasonable circumstances. In such cases, it’s tough to change the individual because they are embedded in an irrational structure. The issue lies not in the personality itself but in this structure. Changing the structure can lead to changes in personality. In reality, personality remains the same; it simply holds different significance within the context of the structure. - Joseph’s “just my thoughts”

There are markets where demand generates supply, while there are markets where supply must generate demand. Las Vegas, a city in the middle of the desert, is a business structure that creates demand from supply. Supplying gambling rooms simultaneously generates the operating income of the gambling room and profits from hotels, transportation, restaurants, and shopping. In a poor business environment, you need to review the essence of your business. If you try without structural change, you will likely tire, and it isn’t easy to expect improvement. - Joseph’s “just my thoughts”

A part-time worker at a fast-food chain put in a lot of effort. The worker’s dedication impressed the boss, leading to the firing of other part-timers and an increase in trust placed in this worker. As a result, the worker ended up with significantly more responsibilities while keeping the same salary. I reiterate that structure is more important than mere effort. - Joseph’s “just my thoughts”

You probably suspect that your decisions are reasonably based on your judgment. However, human decisions are made according to the rules and structures at that time. By changing the decision structure and regulations, humans make different decisions under the same conditions. If you make a mistake, you don't have to regret or blame yourself for making the wrong decision. But, if you fail to judge the regulations and structure of the decision, then you must reflect on the mistake. This is to prevent repeated mistakes. - Joseph’s “just my thoughts”

Starbucks Korea sells a 355ml tall size cup of Americano at KRW 4,500. It contains 3.5% solid matter to at least manifest tastes and flavors. The rest is just WATER. We should simultaneously drink 96.5% of the water to get just a few 3.5% together. The average production cost of 1ml of tap water in Seoul is KRW 0.00051. That's the same as paying about KRW 4,000 for a cup of tap water of about 350ml. We would think of how much we make money by selling coffee, but it's our misunderstanding. As an excuse for a few solid matters of "coffee", they're selling tap water at the unbelievable price of over KRW 4,000. They're making money with the cheapest solvent 'WATER', not 'COFFEE'. But almost all businessmen are trying to sell the solid matters of 3.5% at a high price. The reason, businessmen cannot make money is they make the wrong selection which cannot make money since the beginning. The making structure is first, and the effort is second. - Josep...