Talks don't bring profits. Transactions bring.
Many people around us talk "big" things. The condition of the economy, emerging markets, the "potential" in China or India, the fall/rise of commodities, employment, the government, profits/losses of conglomerates such as Reliance Industries or Google, rise/fall of the US dollar, and so on.
But at the end of the day, none of these broad-level talks lead to any transactions - more specifically, financial transactions [buy or sell, trade, brokerage, rent, barter, etc.]. And unless there are financial transactions, there aren't any profits. These broad-level discussions/talks aren't easily convertible into business - they're interesting for gossip, but not much more.
Lesson: We must remember that while such superficial talks are good for general gossip and entertainment, real money will be made by fulfilling narrow and specific customer needs.
Exceptions: There are certain cases where broad-level talks can directly lead to business transactions and income/profits. For example, a vague statement such as "China has huge potential" can be converted into a transaction by investing into a China-focused mutual fund. Similarly, if you're in the consulting profession, you can make real money by giving these broad-level lectures/presentations to your client [assuming he is satisfied with broad-level talks].
Many people around us talk "big" things. The condition of the economy, emerging markets, the "potential" in China or India, the fall/rise of commodities, employment, the government, profits/losses of conglomerates such as Reliance Industries or Google, rise/fall of the US dollar, and so on.
But at the end of the day, none of these broad-level talks lead to any transactions - more specifically, financial transactions [buy or sell, trade, brokerage, rent, barter, etc.]. And unless there are financial transactions, there aren't any profits. These broad-level discussions/talks aren't easily convertible into business - they're interesting for gossip, but not much more.
Lesson: We must remember that while such superficial talks are good for general gossip and entertainment, real money will be made by fulfilling narrow and specific customer needs.
Exceptions: There are certain cases where broad-level talks can directly lead to business transactions and income/profits. For example, a vague statement such as "China has huge potential" can be converted into a transaction by investing into a China-focused mutual fund. Similarly, if you're in the consulting profession, you can make real money by giving these broad-level lectures/presentations to your client [assuming he is satisfied with broad-level talks].
