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”
Some question the need for ethics and a mission in business, even when the company is profitable. A transaction involves meeting needs and recognizing values, both of which connect to “morality.” Trust underpins all transactions, and morality is its foundation. While anyone can err, it is our moral obligation to make amends. Though it may be tempting to disregard that morality by persisting in trade, there are decisions that, without an ethical framework, can lead to irreversible consequences. This is not merely a mistake. - Joseph’s “just my thoughts”