That advice definitely doesn’t apply to lots and lots of entire industries and companies. What problem does a cobalt mine solve? What problem does a towing company solve? What problem does a HVAC repair company solve? Obviously you could say the problem of broken HVAC, but most people would agree that the service is somewhat replaceable, so the adage is a bad fit. All of those companies would do better to focus on things like operating efficiency or capital decisions.
That advice definitely doesn’t apply to lots and lots of entire industries and companies. What problem does a cobalt mine solve? What problem does a towing company solve? What problem does a HVAC repair company solve? Obviously you could say the problem of broken HVAC, but most people would agree that the service is somewhat replaceable, so the adage is a bad fit. All of those companies would do better to focus on things like operating efficiency or capital decisions.