Opportunity Cost: Making a choice means sacrificing something else at the same time because we can’t have everything. If the value of what is given up is significant, then the choice incurs a relative loss, and it is up to the CEO to recognize this as a cost. In reality, whether I am aware of the opportunity cost or not, it still impacts my current financial situation. However, to calculate profit or loss as an opportunity cost, there must be a future opportunity to forgo the current choice and select an alternative. No one should keep repeating the cycle of giving up and choosing without knowing whether the next decision will be beneficial or not. Giving up is worthwhile only when the next option is good. - Joseph’s “just my thoughts”
The Japanese restaurant “Hyakushokuya” doesn’t hire passionate people. The first recruiter was someone who left his resume out. There are only three menus, and only 100 bowls are sold daily. It’s simple, so you can learn things in a week even if you’re not an expert. Still, the average daily revenue is 130,000 yen. The book titled “Let’s Reduce Sales” by founder Akemi Nakamura addresses performance-oriented management policies. They want reasonable management activities suitable for fractions without overdoing it. However, it was the best-selling company during the COVID-19 pandemic crisis. - Joseph’s “just my thoughts”