From 600+ conversations with the world’s leading thinkers.
In the same way that kids would benefit from healthy, happy parents- startups would benefit from healthy, happy founders.
I got into boxing promotion by accident. I went to the meeting, turned around and said, 'I don't need you, we'll promote it...' I don't know why I even said that! The next minute, I was in the promotion business and helping to get this thing together; I got bitten by the bug, and it went from there.
Building a business is about perseverance. When Jeff and I set off in late 1958, the sport of the world was football. Adidas had claimed that – and sports stores didn't need another brand in that category. We had to make customers and stores need our brand.
I even had my wife convince my in-laws to mortgage their property, for Christ's sake, so I could produce these cartridges. I knew I had something special. Game Boy was coming out at that time, and I thought Tetris was the perfect game for it.
I'd never even heard the word 'entrepreneur' growing up – I didn't know what that meant. If I go back to my grandfather – he was the real entrepreneur. He developed things… he made spiked running shoes when he was only 15 (in 1895!). My grandfather died in 1933, I was born in 1935 and my grandmother insisted I brought his name with me – so I became the next Joe Foster.
All of the research we've done exploring space has now allowed small teams- with modest funds- to do what it once took entire governments to do. The design and collaborative power of an individual engineer or technologist is more powerful than it's ever been. The tasks themselves are getting more accessible too.
Talent is equally distributed, but opportunity is not. Technology is a great equaliser, and an enabler of opportunity. I saw this first hand and through my work now – whether that's investment or philanthropy, that's the work I want to promote.
Iceland, a country of just 332,000 people, managed to qualify among the 32 teams for FIFA. In contrast, India, with its billion-plus population, was nowhere in the picture. It made me realize that someone has to initiate change. While it's not a single person's job, someone needs to make a start. I firmly believe that beyond a certain point, money should serve society.
Growth is like an elixir. It's exciting, it creates more and more growth, and it's a helluva lot of fun. Business is fun, it's a game. You're playing against others, and you want to win!
Inventors shouldn't be afraid to take risks. They should embrace failure and learn from their mistakes. I created 5,127 prototypes of the first Dyson bag-less vacuum cleaner and only the last one was right! Not being afraid to fail is something I think all successful entrepreneurs have in common.
One you have to get a unique insight. It starts there. Two, you need to be prepared to devote a lot of energy and commitment.
In India affordability and improving life are also key pillars of entrepreneurship- coming from the circumstances and context of the country; for example, India has 1,000 radiologists for a population of 1.4 billion.