Leader: In the book ‘Extreme Ownership: How U.S. Navy SEALs Lead and Win,’ written by Jocko Willink, there is a training story where seven Navy SEAL trainees form a team and carry a rubber boat weighing over 100 kg on their heads. Usually, one team would finish first and another last, but the team members stayed the same, and only the leaders were swapped. As a result, the team that finished last moved to first place, and the team that was first became second. What changed was that only the leaders were replaced; the rest of the team remained the same. It’s important to note that, although a leader’s ability greatly influences success, the key point is that the team that was initially first was moved to second place, not last, even though the leader from the last team took over the first team. This is because, under the previous leader, team members developed a winning habit, which persisted even when the leader changed. The most crucial element in an organization is the leader itself....
In business, capital means business funds. A successful entrepreneur often says, "I started my business without any capital". It's partly true, but it's a lie. The entrepreneur just said that capital means only cash. However, all kinds of businesses need to be fundamentally business funds in any even not cash. The entrepreneur didn't count the founder's labor cost. No inputs, no outcomes. The uncounted labor costs are called "alternative costs" or "opportunity costs". This comes from comparative advantage. If the entrepreneur doesn't accept the uncounted labor cost as a debt, the entrepreneur is equivalent to losing the profit due to opportunity costs. Please always remember this. There is no free lunch in this world. - Joseph’s “just my thoughts”