Netflix initially started as a DVD rental service and grew, but it soon encountered a crisis with video streaming technology. Nevertheless, it wasn’t feasible to abruptly abandon the existing business and transition to a digital distribution model, highlighting the significant conflict involved! Video streaming technology is not a complementary service to DVD rental; rather, it serves as an alternative. When expanding or improving a business, it’s crucial to clearly understand the defining attributes of the target product or service. Burgers and french fries complement each other, while burgers and chicken sandwiches are substitutes. - Joseph’s “just my thoughts”
Value is created through production and consumption, while added value emerges from exchange. An exchange is, in economic terms, a transaction and, in legal terms, a contract. Wealth is created when value-added accumulates. As a result of the coronavirus, humans are entering a period of quarantine. During this time, goats and deer are running in London's residential yards, and the Himalayan Mountains are invisible due to dust pollution in India. It is undeniable that human activity has had an absolute impact on nature. Your interactions and activities have significantly impacted the world, even if you didn't realize it. If you want to get rich, you have to stay active. You need to interact with the world anyway. - Joseph’s “just my thoughts”