Hello everyone. About two months ago, I read the book "The Art of Learning" by, Josh Waitzkin. Wonderful book and highly recommended.
In the book, Josh strongly recommended that one masters the core fundamentals of any practice in order to gain any solid foundation of your topic of study.
This got me to start thinking about the core fundamentals of business, thinking that if we can identify these core fundamentals and thoroughly understand them and their applications, we can learn a lot more about business just by identifying how these fundamentals are applied in various examples.
To be honest I could only think of one core fundamental, although it has a ton of applications: to turn inputs into more valuable outputs.
Can you think of any examples how this applies? Profit is one obvious example, but there are plenty other ways that this can apply such as the importance of reducing waste and defectives.
One more question: can you think of any other core fundamentals of business, or rules that cannot be broken in order for a business to be considered a business?
Thanks, and I look forward to the discussion!
Motivation for Entrepreneurs