Story of a fishing man - 2025-02-13

Pa used to tell a story about a fisherman and a management guru. The guru noticed the fisherman's relaxed routine: wake up late, fish a bit, then head home to play with the kids. "Fish more!" the guru advised. "Get a bigger boat, go deeper, catch more! Then you can do whatever you want!" The fisherman's simple question silenced the guru: "What's the difference between what I'm doing now and what I'd be doing then?"

Pa always saw things differently. He believed the fisherman's flaw was ignoring competition. Life doesn't stand still. If you take a long nap, your rivals will steal your customers. Many businesses today face this very problem. They enjoyed past success, but failed to adapt to changing conditions, like rising rents or new competitors. Complacency is a killer. Thinking things will always stay the same is a recipe for irrelevance.

Look at Singapore. Our port is vital, but we can't assume our dominance is guaranteed. The Arctic ice is melting, and there's talk of a canal in Thailand, potentially bypassing us altogether. History is full of similar examples. Before the Suez Canal, the sea routes around Africa were crucial. But when that shortcut opened, those once-vital ports became backwaters.

Pa also told a fascinating story about ancient Chinese money exchangers. For centuries, they thrived. But when China modernized and introduced paper money, their business model collapsed. Why? Because the old system was built on the difficulties of transporting and valuing heavy metal currency. Silver varied in quality from place to place, making exchange complicated. Taxes had to be physically transported to the capital, creating a need for armed escorts. The money exchangers solved this with deposit notes – you could deposit silver in one location and withdraw its equivalent elsewhere.

This issue not only unique in China, money changers existed in Jerusalem during Jesus's time due to the diverse currencies circulating within the Roman Empire and the specific requirement of the Temple tax to be paid in Tyrian shekels. Pilgrims from various regions arrived with different coins, necessitating an exchange system to standardize currency for Temple use and everyday transactions; these money changers facilitated this exchange, albeit with fees that sometimes led to controversy due to perceived exploitation and the need to exchange coins deemed idolatrous.

But the arrival of Western paper money changed everything. It standardized currency, eliminated the need for escorts, and made the old system obsolete. The money exchangers, who hadn't adapted, were left behind. The lesson? Change is inevitable. Adapt or become a relic of the past.

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