Volatility: Expectation and despair arise from our reactions to change; they stem from the common root. Some argue that despair comes from failed expectations, or that we expect because we despair; however, even fulfillment often disappoints. Both are responses to volatility—how we perceive shifts in circumstances. A positive (+) change is expectation; a negative (-) one is despair. Since volatility dominates our world and nothing is static, the magnitude of change matters more than permanence. Understanding volatility is crucial for navigating life successfully. - Joseph’s “just my thoughts”
In 2019, the coffee shop franchise Banapresso had 47 branches in Seoul, 35 of which were concentrated in the Gangnam and Seocho districts. There were even other Banapresso stores within 200 meters of each other. It was denser than Starbucks. 100% of orders were placed through kiosks and mobile apps. The elders thought it would be hard to place an unattended order, but when they tried it, they were impressed with how seamlessly they were connected to the register. An Americano costs KRW 1,500 (about USD 1.27). There was only one employee. Everything was ordered at the touch of a button and the coffee was served within 40 seconds. All the bread was made at a nearby headquarters and distributed in batches. Banapresso was the antithesis of a traditional coffee franchise. Its parent company is an IT company that operates a ride-hailing app. The same business can be completely transformed into a different business model, due to the interpretation and context. - Joseph’s “just my thoughts”