Unless you are self-sufficient, you must trade your products for those of others to survive. An exchange economy was established for the efficient survival of humanity. Economic activity leads to wealth accumulation, so for wealth to exist, there must be a counterparty. This means you cannot thrive on your own. However, having many counterparties also means that some of them could compete with your business. Exchange becomes straightforward only through the establishment of a price, which acts as an indicator of competition. Trading at a high price could generate significant wealth, but competition can hinder success. In other words, I survive because of others, while my survival is also threatened by them. Business inherently involves competition. This is why any business plan must include a strategy that considers competition. - Joseph’s “just my thoughts”
The founder of the guitar company Fender, Leo Fender, said he has never played the guitar. Depending on the nature and characteristics of the business, we must think differently about our confidence in it. For example, it is our prejudice to believe that a famous chef won’t be ruined if he opens a restaurant. The more important priority in business is the ability to grasp the essence than having a career. - Joseph’s “just my thoughts”