I've worked in a lot of different types of business in my career, and you can certainly get tied in knots when you want to create a great 'thing' but can't figure the business model to make it work. My approach was simple- if I didn't make those businesses profitable, I couldn't' innovate. Nobody will fund innovation in perpetuity – you need to make money; you need to deliver value to your customers. When people ask me whether we want growth or profit, I say yes! Both!
— Christopher PayneWe don't currently have the accountability mechanisms in our digital life that we do in our physical life. Physical society has had tens of thousands of years to build cultures and norms, but we haven't yet figured out how this works online.
Looking back, it was one of the best things that could've happened to me.
That stress doesn’t just stay in the office. We get in our car, we get on the subway, we bring it home with us. If you have a high-psychopathy boss, research shows you actually have more conflict at home too.
Success are not determined by who is the smartest in the room- it's determined by who's willing to make the sacrifices to succeed. When most people have an adversity they think, 'oh, I can't do this anymore…. I'm not good enough…' what we are taught to think is, 'oh hey, there's a brick wall, what's my way through, over, around or under it…'
The team was a meritocracy in which performance alone was rewarded. As I got better and my team started winning championships for my school, my status as freakishly tall black kid became a badge of accomplishment and inclusion.
Sovereign debt is reasonably unique in that there are no underlying assets one can claim unlike corporate bonds.
Life is just receiving a rope from your parents. A rope of a certain quality, with a certain diameter and of a certain material. Your only duty is to take the rope and try to make a better one. Your only duty is to make the best rope you can for your children, for the next generation.
Corruption is a phenomenon that has existed for thousands of years, but only now is it becoming an unacceptable event. Corruption destroys societies, hinders development and undermines security. Note what happened in the Middle East and North Africa… corruption was one of the triggers of unrest in these countries. It appears that people are fed-up of corruption, they want change, and they want it now.
Humans can be parasitized by actual brain worms, but also by idea pathogens that cause them to behave in profoundly maladaptive ways.
In our modern world, everyone has an opinion about everything; and it's powerful to step back and go, 'you know what… I genuinely don't have an opinion about that…' – taking that position is seen as most terrible in today's day and age, but if you really work to dismantle all the things you think you are, you'll probably find you don't have an opinion about so many things.
Essentially, corruption entails a misallocation of entrepreneurial talent into activities that carries individual benefit, but has destructive or unproductive consequences for society at large. Because of its essentially predatory nature, it reduces productive investment, leads to an outflow of talent, lowering growth rates and increasing income inequalities.
When you fail, you take ownership of the failure, and then you assess what mistakes were made, what could be done differently, what better instructions you could have given, what better support you could have given, then you fix those problems, move on and try again, simple.