One of the key principles of money is ‘opportunity cost.’ It means that when I buy something, I have to give up something else in return. We think we buy because we need something, but we often forget that we could buy something else instead. We rarely consider ‘opportunity cost’ when making a purchase. We do not compare other values against our needs. Buying something means giving up something else, but we often don’t realize it. When we spend money, we should also consider the ‘opportunity cost’; yet, in reality, we aren’t trained to do so. By making a purchase, we bypass the value comparison that may not offer any additional benefits. Maybe it’s because we lack knowledge, or perhaps the idea isn’t appealing. - 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”