An asset is the foundation of all economic activity. If you have assets, you can run a business and settle your debts. The ways to create assets are ‘how one works,’ ‘how to receive gifts from others,’ and ‘how to purchase assets made by others.’ There is a way to steal, but it is a crime. If you don’t initially own an asset, the simplest and almost the only way to create one is to produce something with your own labor. Whether the product is a service or a good, it must be produced unconditionally. Trading products creates added value. Thinking about trading later and making products first is the fastest and most basic way to escape poverty. Therefore, produce even the smallest things every day. Knowledge, records, art—whatever! - Joseph’s “just my thoughts”
Only a few founders genuinely grasp the essence of their businesses from the start. After launching, they often start to grasp the core of their ventures as their customer bases expand. If startups had a clearer insight into their businesses from the outset, they could significantly lower their chances of failure. The sooner you identify your business’s essence, the greater your chances for success will be. Furthermore, if you can quickly pivot your business direction—even if you realize it later—the likelihood of failure diminishes. - Joseph’s “just my thoughts”