Joseph's "Just My Thoughts"

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Showing posts with the label entrepreneur

Just my thoughts #0403

For entrepreneurs, making money is the most crucial aspect, but as the business grows, the nature of the money itself and accounting principles often determine its survival. Numbers represent money, but there is an invisible attribute accompanying it. Even with the same one million dollars, one million dollars in capital and one million dollars in debt represent fundamentally different attributes of money. Money has an invisible label attached to it, and understanding this can enable you to grow your business even further. - Joseph’s “just my thoughts”

Just my thoughts #0166

I meet a lot of entrepreneurs from very different fields. All of them have one thing in common. They do not know the nature and essence of their business. Especially in the case of technology-based enterprises, technology is seen as a means to make money. Surprisingly, however, it is often the case that building and managing human relationships, rather than technology, is the core of the business. By separating technology from customer management and collaborating with other business people, I can see an increase in their performance. Instead, they have to give up greed and start. Then their performance is proportional to the amount of patience. - Joseph’s “just my thoughts”

Just my thoughts #0165

Most entrepreneurs do not charge their customers for the cost of self-emotional work. However, some business owners charge (or commercialize) their emotions and bill clients. There are various methods for commercializing appraisals, such as charging by the hour, charging by difficulty, and charging by the choice of conditions (options). This is because no culture in real life converts emotions into money. - Joseph’s “just my thoughts”

Just my thoughts #0118

The term “pseudo-” means exquisitely similar, but the core differs. This small difference in the core has enormous consequences. When you see a pseudo-doctor, you lose your health or life. When you meet pseudo-religious leaders, you waste your life and ruin your future—this small difference in core changes in fate. So, when consulting, I emphasize the “essence of business” and “identity”. Entrepreneurs don't know the tragedy that occurred by ignoring the small core in peace due to similar reasons. - Joseph’s “just my thoughts”

Just my thoughts #0070

In business, capital means business funds. A successful entrepreneur often says, "I started my business without any capital". It's partly true, but it's a lie. The entrepreneur just said that capital means only cash. However, all kinds of businesses need to be fundamentally business funds in any even not cash. The entrepreneur didn't count the founder's labor cost. No inputs, no outcomes. The uncounted labor costs are called "alternative costs" or "opportunity costs". This comes from comparative advantage. If the entrepreneur doesn't accept the uncounted labor cost as a debt, the entrepreneur is equivalent to losing the profit due to opportunity costs. Please always remember this. There is no free lunch in this world. - Joseph’s “just my thoughts”