An important aspect of understanding your business ecosystem is knowing your position within it (positioning), whether you hold a higher or lower (subordinate) role, and whether your offerings are substitutes or complements. Netflix started as a DVD rental service. With the rise of online streaming, Netflix saw it as a replacement for DVD rentals. Kimbap and Ramen are complementary goods, but Ramen and Udon are substitutes. This is why, even when setting up a snack bar, paying attention to the menu is crucial. Complementary goods increase sales, while substitutes are more likely to lead to no change or even a decline in sales. - Joseph’s “just my thoughts”
I believe that humans’ key activities are discovery and imagination. Humans grow through thought, which involves gathering information from the exploration of nature and society and organizing it meaningfully. Progress occurs when we connect with and apply this information beyond its immediate relevance, and this process of connection is termed imagination. Discovery serves as the foundational material for imagination, while imagination generates new outcomes through application, leading to development. - Joseph’s “just my thoughts”