An important aspect of understanding your business ecosystem is knowing your position within it (positioning), whether you hold a higher or lower (subordinate) role, and whether your offerings are substitutes or complements. Netflix started as a DVD rental service. With the rise of online streaming, Netflix saw it as a replacement for DVD rentals. Kimbap and Ramen are complementary goods, but Ramen and Udon are substitutes. This is why, even when setting up a snack bar, paying attention to the menu is crucial. Complementary goods increase sales, while substitutes are more likely to lead to no change or even a decline in sales. - Joseph’s “just my thoughts”
Most individuals are unaware of the balance between “physical work” and “emotional work” in their roles. “Beginners” are those who are compensated solely for physical work, while “mediums” earn for both physical and emotional contributions. “Masters,” on the other hand, receive higher pay for emotional work compared to physical tasks. Without the ability to assign a price to the value of your emotions, you will inevitably remain at a low added value. - Joseph’s “just my thoughts”