From 600+ conversations with the world’s leading thinkers.
Here I am the fool looking to fail frequently. I want to either hit a homerun or walk or even strike out. This means I fail far more often than I succeed. But the important point is that what I lose when I fail is trivial, epsilon compared to what I make when I succeed.
That's what entrepreneurship is all about–experimenting and finding a way of achieving some goal in the context of business. It's something I've always found fascinating.
For the iPad it's game over in terms of market-share… Apple has won! It's a preposterously cheap stock…
I believe many of our new generation of entrepreneurs put too much significance on money, and not enough on ideas. If you have a great idea, and the skills to execute that idea, the money will come.
When you are a public company, you are all-but forced to think on a quarterly basis. That's how long people hold you on average, between 2-3 months is the average hold period for equity investors. It's therefore much more difficult to think in a long-term strategic way and increase value.
Every business makes money as a secondary purpose. It's the coincidental result of creating customer value and changing the world in some way that people are willing to pay for and find valuable.
Instead of saying 'I'm a technology entrepreneur…' you might say, 'well, I run a technology business, but I love philosophy and playing the piano…' the person you're speaking to now has a few more dots to connect!
Before you think about the alpha, you have to think about the client's beta.
Asia region countries are able to shave not just 10% off process-costs versus their western counterparts, but often 60-80%, often bringing great improvements and advantages in the process. This ensures they are more agile and able to sustain competitive advantage through continual innovation.
I haven't remained still since I started in business, I am always moving forward, always looking ahead. I have always said 'the sky is the limit' and have lived by that motto every day.
You have to empower your board to make their own decisions, follow their instinct, and execute. Think of your board in many ways as a team of entrepreneurs that you're investing in, rather than as employees that you manage.
I think you're going to see impact models that challenge many of our incumbent industries. The most vulnerable in our society are currently overcharged because the system assumes, they are higher-risk, and so those in our society who are least able to afford charges, are being charged huge overdraft and borrowing rates.