Structure and Attributes : Some companies fail even though their goods and services are of good quality. A strong business model attracts customers as its popularity grows. For example, online gaming is popular until the size of the customer base becomes too large, causing problems. Conversely, a fitness club might become an issue as it expands beyond an appropriate level, resulting in a sudden increase in customers. High quality alone does not guarantee success. The main goal of a business is to increase profits through sales, and good quality and service are essential for this. Yet, some companies and brands lack these basics. Some CEOs complain about a lack of profit despite having these essentials. In any business, structure and attributes are most important. No matter how much you work, if the structure is wrong, your business can still fail, regardless of how many customers you have. Many entrepreneurs do not realize the risks of ignoring this core truth. - Joseph’s “just m...
Let’s say I’m a potato farmer. Assuming that I can survive by eating only potatoes, I become wealthy when I work hard to increase potato production. However, to survive, we also need shelter and clothing. No matter how much money we have, we cannot eat the money itself as food. In other words, exchange is vital for survival. This means that if we have to rely on one job, we can only survive by trading needs, apart from potatoes, with other producers, using the output we gain from that job. In an agricultural society, production determined wealth, but in a modern society where industrial products have taken the place of other needs, the greater the potential for exchange between ourselves and others, the more advantageous it is for survival and the greater the potential for wealth. This is known as the power of distribution. The more sales channels you have, the stronger your business competitiveness and market influence. The ability to sell a lot is paramount. - Joseph’s “just my thoug...