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”
Business isn’t about making an idea come true; it’s about validating it. No ideas or plans are perfect from the beginning. The market’s reaction develops and refines the idea over time. Many individuals mistakenly believe that a business idea will be perfect if they tinker with it repeatedly or that this will enhance their chances of success through their efforts. We may not know ourselves well, but how should we know our business intimately? Don’t gamble; try, correct, and adapt quickly. A business doesn’t start with knowledge; rather, knowledge is gained through starting. So, begin by breaking it down into smaller parts from the outset. - Joseph’s “just my thoughts”