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”
Understanding what one belongs to is knowledge derived from personal experience. In fact, the experiences of others can provide a more accurate understanding of your place in the world. A third-party perspective is crucial for problem-solving . The viewpoint and position of an outsider, rather than my own, enable me to comprehend my situation most objectively. A solution lacking objectivity is likely to lead to the repetition of problems and may render them unsolvable forever. When I ascend the mountain and gaze down at the town I live in, I notice things I’ve never seen before. Significant progress occurs when a third-party perspective is applied. - Joseph’s “just my thoughts”