Thoughts About Business

Below, I've written up a few of my thoughts on business. This is a living post and I'll update it as new thoughts arise. Over time, some may begin to contradict one another, but I'll do my best to limit the cacophony.

There are two main types of businesses:

• Products
• Services

Product-based businesses offer a one-time purchase of a good. This good is something that is priced according to market demand and the existing supply chain.

Service-based businesses offer a service that is priced based on market labor rates, market demand, and existing supply of said service.

Both types of businesses create and deliver value to the buyer.

Businesses solve problems. People pay to have you solve their problems because problems take time to solve and time is money.

To make money, you must solve a problem. If a product does not sell, it means people are more willing to either solve the problem themselves or leave the problem unsolved/unresolved.

Not all problems demand to be solved.

Solving problems is the only ethical way to do business.