By-Product

You win some, you lose some. But if you think like a businessman, you would turn even your losses into profit. Have you heard of the term “by-product”? It is simply a product derived from a process of creating a main product (not the main product itself). Technically, they use this term in manufacturing. (Sorry, former accountant here) But I can use this term to explain how we can create a product out of our losses/mistakes.

As you know (or not), there are two kinds of assets – tangible, and intangible. GAAP (Accounting Standard) does not recognized intangible products anymore (with exceptions). “Internally developed intangible assets are recognized only if (1) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, (2) the cost of the asset can be measured reliably, and (3) certain other criteria are met (source)”. I may not be able to put any value or cost to my intangible by-product, but I am most certain that it can put in a step closer.

Even so, I still like to convert a loss into profit. What am I talking about? – Learn from your mistakes. Observe what happened, backtrack, think through, use all angles and remember what worked and what didn’t. In my case, I write these realizations on my blog – technically these losses could actually earn now if a reader got attracted to clicking an ad in my sidebar 😉

Never give up!

Convert any downfall into a ladder to get your way up to reach your goals. Tired of my metaphors?

Just stand up and do it!