Sharing Daily Discoveries About Personal Finance And Business Topics

Being Reliant On An External Solution Provider

financial literacy

I saw an interesting scenario today where there was a group of people who relied on service from a person which for the most part was being given at a huge discount and he was happy to do it. In return people would try and return the favor such as contributing other things in return while giving a lot of praises. Everyone pretty much adapted their life around it. Then something interesting happened where for some reason the person wanted more and would essentially threaten to cut off access to his services if people didn’t abide to some of his requests. Of course they did.

This makes me think how in a business environment it can often be so risky to be super dependent on an external provider to run an essential operation of sorts. Because like here if for whatever reason that company decides to do things like increase rates or fold for whatever reason you would be in trouble. I suppose in many ways that’s why it can be good if you can to try and develop internal solutions.

In many ways if you think about it too that’s why larger companies often outright purchase smaller ones that have the resources that they need. A more everyday example I can think of is before when it comes to learning new things you could probably start by purchasing templates of sort. As oppose to just relying on getting more you could invest the time to then how to make them yourself for whatever the project may be. That way you save money and don’t have to be dependent on anyone else. If anything it will be more about convenience then a necessity after which is a better situation to be in if possible.




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