Skip to main content

Posts

Showing posts with the label competence trap

Just my thoughts #0676

There comes a point when humans can’t earn money from their labor. Whether it’s because we’re old enough to retire or we’re unable to work due to a disability, it’s simply a matter of timing, and the moment we must stop earning from our work has already been determined. That’s why we need to choose to become either investors or unemployed someday. Then, it’s beneficial to understand and actually practice investing while we are able to work. Working hard is good, but how we live our lives is more important. - Joseph’s “just my thoughts”

Just my thoughts #0056

Success always has two faces. One is achievement and the other is complacency. There's a term in business administration called the " Competence Trap". It refers to the belief that if people cling to and repeat past successes, they will continue to be successful in the future. Xerox, which invented the world's first personal computer; Chrysler, which missed the SUV market because of the success of the minivan; and Kodak, which invented the world's first digital camera but failed to aggressively market it for fear of losing its main business, film. Humility is not an etiquette, but a shared destiny essential to success. - Joseph’s “just my thoughts”