Every Institution, Project or endeavour will eventually have these 4 aspects that must be cared about:
1. Production or the Product - The core capability to produce something or have something already produced. If you are into real estate, most likely, someone else built the product. And you need to understand it well. If you are creating content, then building the content becomes the product and you have to have this production capability.
2. Trade - For even a very good quality product (or service, which can be seen as a product you deliver repeatedly (including time, or computing power or information such as in customer service)), you must match the product with a need. Where need meets product, successful transaction happens. If there is no need, then even great products will not sell. If there is no product, then even the most high yield will not reveal revenue for the seller.
3. Human Relationships - Once the first few transactions happen successfully, and value is established, then who gets what becomes important. Here, the most important commodity becomes trust. If parties trust each other, and play fair with each other, then the transaction will turn into a relationship that will get more and more dividends for all, assuming #1 and #2 are in place. Where relationships turn sour, and in business it is almost always because trust is violated knowingly or unknowingly or due to perceptions, then the profits not reach their potential.
4. Leadership - Here comes the choice of choices. When there are many good options, which one to take? An example could be betting on the cloud-platform early on. It is not necessary that this bet would have worked out well. But it did, leading AWS to become Amazon's highest revenue generating business, and also getting side benefits such as a head start on data analysis which lead to learning models which lead to being better equipped to handle AI.
Now besides these 4 factors, you always have 2 measures - Quantity and Quality. Both have to be in balance. If there are no sales, then quantity needs to be brought into balance. If there are one-time sales, but no more, then quality needs to be brought into balance.
In relationships also for example, once trust is established, it is better to be trusted by people who reciprocate the trust than to be with people who may or may not reciprocate the trust.
In all these aspects, Quality and Quantity play a role. The key is always balance. The ideal is more of both, but the beginning is what is on the ground of reality.
Regards,
Saurabh
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