Assets vs. Liabilities in business

        Depending on the persons involved in the discussion. There are different definitions of assets and liabilities. The dictionary and accounting defines as follows:

Asset, Dictionary -  A valuable item that is owned

Accounting definition- The entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill.

b. The entire property owned by a person, especially a bankrupt, that can be used to settle debts.

Liability, Dictionary - Something that holds one back; a handicap. Accounting definition - The financial obligations entered in the balance sheet of a business enterprise.
My mentor explained it to me this way,Assets -  something that makes you money. Liability - something that cost or looses you money.
  There can be grey areas. Should my children be considered an asset? If my son and daughter would have become a detriment to society, (in and out of juvenile detention and thus graduating to state penitentiary) would they still be considered an asset or a good return on investment (ROI))? The answer is obvious.
What I am talking about is strait forward. I am talking about a more immediate ROI. (Or a close to immediate ROI). I want to discuss this from a business perspective.
There are things that can be done in business that bring quick ROI's. 

Examples of assets and liabilities in business are as follows:
      Asset;
mentors - mentors are a great assets because a good mentor has fruit on their tree. They can help you avoid costly mistakes. A mentor is like a tour guide along your journey to success.
       Liability:
Negative friends and family and associates. Love them or hate them we all know of the nay Sayers. Individuals for whatever reason have nothing positive to say. These individuals are a drain on your mentality and offer nothing in the way of putting money in your pocket. The more time spent with them the less time available for making a business work. Negative people can’t be converted. If there is doubt, consult a mentor.
        Asset:

Business seminars, books and other business related training. This should be self explanatory but for the sake of argument.....  Business related training is an asset because it offers information, when used properly can have an immediate impact on a business. Training properly recorded offers a residual effect. Can always be referenced.

         Liability:

Television, video games - I can here the booing and hissing as I write this. These two mediums offer very little in the way of productive learning and education. Cable cost on average $159.00 dollars per month that is more than $1800.00 dollars a year. Video games cost on average $39 dollars per game not to mention the gaming system with all of its accessories. If $2000 dollars annually are spent on TV and video games, in 5 years the cost is 10,000.00 dollars (that could pay off a credit card). Enough said

Asset :

A master mind team - A master mind is a team of like minded  successful individuals. They meet on a regular basis (at least once a quarter) . They normally have expertise in valuable areas. (Law, Taxes, Marketing and Finance). Strategic plans are laid out and performed for the betterment of the team. The return on the investment is priceless.

        Liability:

Apathy/waiting on the government to improve the countries situation. This country had the greatest economic boom in its history during the 90’s through 2000. If the average person was not able to become independently wealthy during that time then there time has passed. That was the best the government could do (if you believe the government was responsible,forgive the sarcasm).

Basically there are a couple of choices, surround oneself with assets and increase net worth or surround oneself with liabilities and decrease ones net worth.

Tax preparation is an annual endeavor, happy tax season.