Distribution Company Quotes

In fact, the general model for successful tech companies, contrary to myth and legend, is that they become distribution-centric rather than product-centric. They become a distribution channel, so they can get to the world. And then they put many new products through that distribution channel.

A lot can be learned from the big companies of today. Companies like Amazon have revolutionized logistics, companies like Tesla have revolutionized sustainable systems, companies like Microsoft and Google have revolutionized data mining and data distribution, companies like Maersk have revolutionized Supply Chains, companies like Gardein and Beyond Meat have revolutionized food. Every company can serve as a case study of some kind with various lessons that can be learned.

Nobody knows everything, not even the CEO. Instead, the information is distributed asymmetrically across the team and across the company.

Put any company of people together with freedom for conversation, and a rapid self-distribution takes place into sets and pairs. The best are accused of exclusiveness. It would be more true to say they separate as oil from water, as children from old people, without love or hatred in the matter, each seeking his like; and any interference with the affinities would produce constraint and suffocation. All conversation is a magnetic experiment, I know that my friend can talk eloquently; you know that he cannot articulate a sentence: we have seen him in different company.

Many of the most interesting phenomena that we have touched upon fall into this category, including the occurrence of disasters such as earthquakes, financial market crashes, and forest fires. All of these have fat-tail distributions with many more rare events, such as enormous earthquakes, large market crashes, and raging forest fires, than would have been predicted by assuming that they were random events following a classic Gaussian distribution.

Making a product is just an activity, making a profit on a product is the achievement.

Four years ago, when I started writing this book, my hypothesis was mostly based on a hunch. I had been doing some research on university campuses and had begun to notice that many students I was meeting were preoccupied with the inroads private corporations were making into their public schools. They were angry that ads were creeping into cafeterias, common rooms, even washrooms; that their schools were diving into exclusive distribution deals with soft-drink companies and computer manufacturers, and that academic studies were starting to look more and more like market research.

You can blame the "stupid user" all you want, but you still have to staff those phones with expensive tech-support people if you want to sell or distribute within your company software that hasn't been designed.

A business model describes the flow between key components of the company: •  value proposition, which the company offers (product/service, benefits) •  customer segments, such as users, and payers, or moms or teens •  distribution channels to reach customers and offer them the value proposition •  customer relationships to create demand •  revenue streams generated by the value proposition(s) •  resources needed to make the business model possible •  activities necessary to implement the business model •  partners who participate in the business and their motivations for doing so •  cost structure resulting from the business model The

Change has to do with an organizations identity, not just its operations. Operations follow identity, not the other way around. So when we think about change, it’s about “who are we as a company?” and “who are we becoming as a company?” That said, the identity of who we are becoming must permeate the organization through each individual identity in the organization being changed – not just people being given new sets of instructions. Implementing the R6 framework definitely starts with you, the executives and senior managers, but it also allows for more distributed implementation throughout the organization – and that’s good for you. That frees you up to stay focused on the big picture.

As the Big Shift takes hold, companies are no longer places that exist to drive down costs by getting increasingly bigger. They’re places that support and organize talented individuals to get better faster by working with others. The rationale of the firm shifts from scalable efficiency to scalable learning—the ability to improve performance more rapidly and learn faster by effectively integrating more and more participants distributed across traditional institutional boundaries.

Knowledge is in some ways the most important (though intangible) capital of a software engineering organization, and sharing of that knowledge is crucial for making an organization resilient and redundant in the face of change. A culture that promotes open and honest knowledge sharing distributes that knowledge efficiently across the organization and allows that organization to scale over time. In most cases, investments into easier knowledge sharing reap manyfold dividends over the life of a company.

Last year, Pandora, who had always loved toys and parlor amusements, had designed a board game. With Mr. Winterborne's encouragement, she had filed for a patent and intended to produce and distribute the game. Mr. Winterborne owned the largest department store in the world, and had already agreed to place an order for five hundred copies. The game was a guaranteed success, if for no other reason than that there was hardly any competition: Whereas the board game industry was flourishing in America, thanks to the efforts of the Milton Bradley company, it was still in its infancy here in Britain. Pandora had already developed two more games and was almost ready to file patents for them. Someday she would earn enough money to make her own way in the world.

get lopsided in contribution. One partner works more hours. Another partner seemingly brings more to the table. How do you decide to fairly distribute dividends? Who wins the debate when you want to shift directions in the company? I’m not saying that partnerships can’t work; there are countless

Is it weird that when I see a cool t shirt or pick up a toothbrush or see a new car I don't think about the product itself? I think about the thousands of people and dollars to make it. I think about how the retailer that took the risk to buy and resell it. Then I work backwards to the store costs, the distributer who got it there, the shipping company that brought it over from China, the factory workers that made it, the people that sourced the materials and the people that harvested the raw materials, and on and on.. . The global economy is amazing. Your $20 t-shirt is a freaking miracle.

Get Big Fast. The bigger the company got, Bezos explained, the lower the prices it could exact from Ingram and Baker and Taylor, the book wholesalers, and the more distribution capacity it could afford. And the quicker the company grew, the more territory it could capture in what was becoming the race to establish new brands on the digital frontier.

Still allergic to PowerPoints and formal presentations, he insisted that the people around the table hash out issues from various vantages and the perspectives of different departments. Because he believed that Apple's great advantage was its integration of the whole widget- from design to hardware to software to content-he wanted all departments at the company to work together in parallel. The phrases he used were "deep collaboration" and "concurrent engineering." Instead of a development process in which a product would be passed sequentially from engineering to design to manufacturing to marketing and distribution, these various departments collaborated simultaneously. " Our method was to develop integrated products, and that meant our process had to be integrated and collaborative," Jobs said. This approach also applied to key hires. He would have candidates meet the top leaders-Cook, Tevanian, Schiller, Rubinstein, Ive- rather than just the managers of the department where they wanted to work. " Then we all get together without the person and talk about whether they'll fit in," Jobs said.

Insurance is about spreading the risk - because you have no clue who will run into problems. If you are running a good insurance company, you should spread your distribution, your geography, your products all across. You should never get obsessed with one product or one geography or one channel. Because that means you are going against the principle of the business you are in.

Not a single high-level CEO has even been charged in connection with the financial collapse, much less been convicted and sent to prison, and most of them went on to receive huge year-end bonuses. Joseph Cassano of AIG Financial Products—known as “Mr. Credit-Default Swap”—led a unit that required a $99 billion bailout while simultaneously distributing $1.5 billion in year-end bonuses to his employees—including $34 million to himself. Robert Rubin of Citibank received a $10 million bonus in 2008 while serving on the board of directors of a company that required $63 billion in federal funds to keep from failing. Lower down the pay scale, more than 5,000 Wall Street traders received bonuses of $1 million or more despite working for nine of the financial firms that received the most bailout money from the US goverment.

While the West was developing a whole food abundance by-product industry ranging from “stay in shape” movements to armies of dietitians, Soviet people stood in lines, or used all kinds of irregular distribution systems, such as “gift sets” (podarochnye nabory) for employees of companies and organizations, to get access to high demand items varying from canned crab meat to even canned green peas and high-end cold cuts.

In a big city, there are always fires somewhere. And there are always crimes somewhere, too. God, despairing of burning away crime with fire , perhaps distributed crime and fire in equal quantities. Thus crime is never consumed by fire, while innocence can be burned up. That's why insurance companies prosper. My guilt, however--in order that it might become a pure thing immune to fire, must not my innocence first pass through the fire?

The Oregonian published an exposé by reporter Steve Suo that reveals that the government could have contained (and could still contain) the meth epidemic. Only nine factories manufacture the bulk of the world’s supply of ephedrine and pseudoephedrine, but pharmaceutical companies—and legislators influenced by them—have stopped every move that would have effectively controlled the distribution of the chemicals so they could not be diverted to meth superlabs.

George Westinghouse entered the Pittsburgh natural-gas business in 1884, after he drilled a well on the grounds of his thirty-two-room mansion in the city’s prosperous Homewood district. He was not the first, but by 1889, the company he’d formed to exploit natural gas was the largest producer in the nation. To take the lead in distributing a new source of energy, Westinghouse had to invent the necessary technology. He patented twenty-eight inventions in his first two years of effort,

The company’s most effective marketing tactic (besides making a great product) would never have been conceived or attempted by a pure marketing team. Instead, the engineers coded a set of tools that made it possible for every member to seamlessly cross-post his or her Airbnb listing on craigslist (because craigslist does not technically “allow” this, it was a fairly ingenious work-around). As a result, Airbnb—a tiny site—suddenly had free distribution on one of the most popular websites in the world.

fad is a wave in the ocean, and a trend is the tide. A fad gets a lot of hype, and a trend gets very little. Like a wave, a fad is very visible, but it goes up and down in a big hurry. Like the tide, a trend is almost invisible, but it’s very powerful over the long term. A fad is a short-term phenomenon that might be profitable, but a fad doesn’t last long enough to do a company much good. Furthermore, a company often tends to gear up as if a fad were a trend. As a result, the company is often stuck with a lot of staff, expensive manufacturing facilities, and distribution networks. (A fashion, on the other hand, is a fad that repeats itself. Examples: short skirts for women and double-breasted suits for men. Halley’s Comet is a fashion because it comes back every 75 years or so.) When the fad disappears, a company often goes into a deep financial shock. What happened to Atari is typical in this respect. And look how Coleco Industries handled the Cabbage Patch Kids. Those homely dolls hit the market in 1983 and started to take off. Coleco’s strategy was to milk the kids for all they were worth. Hundreds of Cabbage Patch novelties flooded the toy stores. Pens, pencils, crayon boxes, games, clothing. Two years later, Coleco racked up sales of $776 million and profits of $83 million. Then the bottom dropped out of the Cabbage Patch Kids. By 1988 Coleco went into Chapter 11. Coleco died, but the kids live on. Acquired by Hasbro in 1989, the Cabbage Patch Kids are now being handled conservatively. Today they’re doing quite well.

individual can fully exercise his or her abilities and skills. “We shall distribute the company’s surplus earnings to all employees in an appropriate manner, and we shall assist them in a practical manner to secure a stable life. In return, all employees shall exert their utmost effort into their job.” Finally, his new company would help his country. Its formally stated national intent was to help “reconstruct Japan, and to elevate the nation’s culture through dynamic cultural and technological activities.” Yet

Most cleantech companies crashed because they neglected one or more of the seven questions that every business must answer: 1. The Engineering Question Can you create breakthrough technology instead of incremental improvements? 2. The Timing Question Is now the right time to start your particular business? 3. The Monopoly Question Are you starting with a big share of a small market? 4. The People Question Do you have the right team? 5. The Distribution Question Do you have a way to not just create but deliver your product? 6. The Durability Question Will your market position be defensible 10 and 20 years into the future? 7. The Secret Question Have you identified a unique opportunity that others don’t see? We’ve discussed these elements before. Whatever your industry, any great business plan must address every one of them. If you don’t have good answers to these questions, you’ll run into lots of “bad luck” and your business will fail. If you nail all seven, you’ll master fortune and succeed. Even getting five or six correct might work.

In fact, as these companies offered more and more (simply because they could), they found that demand actually followed supply. The act of vastly increasing choice seemed to unlock demand for that choice. Whether it was latent demand for niche goods that was already there or a creation of new demand, we don't yet know. But what we do know is that the companies for which we have the most complete data - netflix, Amazon, Rhapsody - sales of products not offered by their bricks-and-mortar competitors amounted to between a quarter and nearly half of total revenues - and that percentage is rising each year. in other words, the fastest-growing part of their businesses is sales of products that aren't available in traditional, physical retail stores at all. These infinite-shelf-space businesses have effectively learned a lesson in new math: A very, very big number (the products in the Tail) multiplied by a relatives small number (the sales of each) is still equal to a very, very big number. And, again, that very, very big number is only getting bigger. What's more, these millions of fringe sales are an efficient, cost-effective business. With no shelf space to pay for - and in the case of purely digital services like iTunes, no manufacturing costs and hardly any distribution fees - a niche product sold is just another sale, with the same (or better) margins as a hit. For the first time in history, hits and niches are on equal economic footing, both just entries in a database called up on demand, both equally worthy of being carried. Suddenly, popularity no longer has a monopoly on profitability.

The answer was, we weren’t at all ready. Annual flu shots didn’t provide protection against H1N1, it turned out, and because vaccines generally weren’t a moneymaker for drug companies, the few U.S. vaccine makers that existed had a limited capacity to ramp up production of a new one. Then we faced questions of how to distribute antiviral medicines, what guidelines hospitals used in treating cases of the flu, and even how we’d handle the possibility of closing schools and imposing quarantines if things got significantly worse. Several veterans of the Ford administration’s 1976 swine flu response team warned us of the difficulties involved in getting out in front of an outbreak without overreacting or triggering a panic: Apparently President Ford, wanting to act decisively in the middle of a reelection campaign, had fast-tracked mandatory vaccinations before the severity of the pandemic had been determined, with the result that more Americans developed a neurological disorder connected to the vaccine than died from the flu. “You need to be involved, Mr. President,” one of Ford’s staffers advised, “but you need to let the experts run the process.

We seem unwilling to allow for the possibility that the glory of our species may lie not only in the launch of satellites, the founding of companies and the manufacture of miraculously thin semi-conductors, but also in an ability -- even if it is widely distributed among billions -- to spoon yoghurt into small mouths, find missing socks, clean toilets, deal with tantrums and wipe congealed things off tables. Here, too, there are trials worthy not of condemnation or sarcastic ridicule but of a degree of glamour, so that they may be endured with greater sympathy and fortitude.

Strategy involves creating “fit” among a company’s activities. Fit has to do with the ways a company’s activities interact and reinforce one another. For example, Vanguard Group aligns all of its activities with a low-cost strategy; it distributes funds directly to consumers and minimizes portfolio turnover. Fit drives both competitive advantage and sustainability: when activities mutually reinforce each other, competitors can’t easily imitate them. When Continental Lite tried to match a few of Southwest Airlines’ activities, but not the whole interlocking system, the results were disastrous.

There is good reason for pervasive middle-class angst. Financial insecurity has been written into the DNA of the New Economy. Not only has the New Economy been more volatile and the economic gains been distributed more unequally than during the era of middle-class prosperity, but Corporate America has rewritten the social contract that once underpinned the security of most average Americans. The company-provided welfare safety net that rank-and-file employees enjoyed from the 1940s into the 1970s has been sharply cut back, and a huge share of the cost burden has been shifted from companies to their employees.

Joseph Cassano of AIG Financial Products—known as “Mr. Credit-Default Swap”—led a unit that required a $99 billion bailout while simultaneously distributing $1.5 billion in year-end bonuses to his employees—including $34 million to himself. Robert Rubin of Citibank received a $10 million bonus in 2008 while serving on the board of directors of a company that required $63 billion in federal funds to keep from failing. Lower down the pay scale, more than 5,000 Wall Street traders received bonuses of $1 million or more despite working for nine of the financial firms that received the most bailout money from the US goverment. Neither

The multinational is in the position of the bank robber in the old West; all he has to do is ride straight and hard to be safe, because the posse can’t cross the border. We have taken over the roles that nations recently held; we wage war, collect taxes through debt service, protect our areas of property and the worker/citizens within those areas, and we distribute power as we see fit.” Think of it this way. I am the baron. Templar international and Margrave Corporation and Avalon State Bank and so on are the castles I have built in different parts of my territory, for defense and expansion. The subsidiary companies we’ve bought or merged with owe their allegiance not to America but to Margrave. We reward loyalty and punish disloyalty. When necessary, we can protect our most important people from the laws of the state, just as the earlier barons could protect their most important vassal knights from the laws of the Catholic Church. The work force is tied to us by profit-sharing and pension plans. I don’t expect national governments to disappear, any more than the British or Dutch royal families have disappeared, but they will become increasingly irrelevant pageants. More and more, actors will play the parts of politicians and statesmen, while the real work goes on elsewhere.

Like Alan, Jep turned his life around after overcoming the struggles of alcohol and drugs. He came to work for Duck Commander and found his niche as a videographer. He films the footage for our Duckmen videos and works with Willie on the Buck Commander videos. Jep is with us on nearly every hunt, filming the action from a distance. He knows exactly what we’re looking for in the videos and films it, downloads it, edits it, and sends it to the duplicator, who produces and distributes our DVDs. Having worked with the crew of Duck Dynasty over the last few years, I’ve noticed that most people who work in the film industry are a little bit weird. And Jep, my youngest son, is a little strange. It’s his personality-he’s easygoing, likable, and a lot more reserved than his brothers. But he’s the only one who will come up to me and give me a bear hug. He’ll just walk up and say, “Daddy, I need a hug.” The good news for Jep is that as far as the Duck Commander crowd goes, one thing is for sure: weirdos are in! We covet weirdos; they can do things we can’t because they’re so strange. You have to have two or three weirdos in your company to make it work. It’s truly been a blessing to watch Jep grow and mature and become a loving husband and father. He and his wife, Jessica, have four beautiful children.

Data sliced sufficiently finely begin once again to tell stories. The top 1 percent of the income distribution—representing household incomes in excess of roughly $475,000—comprises only about 1.5 million households. If one adds up the numbers of vice presidents or above at S&P 1500 companies (perhaps 250,000), professionals in the finance sector, including in hedge funds, venture capital, private equity, investment banking, and mutual funds (perhaps 250,000), professionals working at the top five management consultancies (roughly 60,000), partners at law firms whose profits per partner exceed $400,000 (roughly 25,000), and specialist doctors (roughly 500,000), this yields perhaps 1 million people. These are surely not all one-percenters, but they are all plausibly parts of the top 1 percent, and this group might comprise half—a sizable share—of 1 percent households overall. At the very least, the people in these known and named jobs constitute a material, rather than just marginal or eccentric, part of the top 1 percent of the income distribution. They are also, of course, the people depicted in journalistic accounts of extreme jobs—the people who regularly cancel vacation plans, spend most of their time on the road, live in unfurnished luxury apartments, and generally subsume themselves in work, encountering their personal lives only occasionally, and as strangers.

Most cleantech companies crashed because they neglected one or more of the seven questions that every business must answer: 1. The Engineering Question Can you create breakthrough technology instead of incremental improvements? 2. The Timing Question Is now the right time to start your particular business? 3. The Monopoly Question Are you starting with a big share of a small market? 4. The People Question Do you have the right team? 5. The Distribution Question Do you have a way to not just create but deliver your product? 6. The Durability Question Will your market position be defensible 10 and 20 years into the future? 7. The Secret Question Have you identified a unique opportunity that

Along the way to Seattle, he wrote his business plan. He identified several reasons why the book category was underserved and well suited to online commerce. He outlined how he could create a new and compelling experience for book-buying customers. To begin with, books were relatively lightweight and came in fairly uniform sizes, meaning they would be easy and inexpensive to warehouse, pack, and ship. Second, while more than 100 million books had been written and more than a million titles were in print in 1994, even a Barnes & Noble mega-bookstore could stock only tens of thousands of titles. An online bookstore, on the other hand, could offer not just the books that could fit in a brick-and-mortar store but any book in print. Third, there were two large book-distribution companies, Ingram and Baker & Taylor, that acted as intermediaries between publishers and retailers and maintained huge inventories in vast warehouses. They kept detailed electronic catalogs of books in print to make it easy for bookstores and libraries to order from them. Jeff realized that he could combine the infrastructure that Ingram and Baker & Taylor had created—warehouses full of books ready to be shipped, plus an electronic catalog of those books—with the growing infrastructure of the Web, making it possible for consumers to find and buy any book in print and get it shipped directly to their homes. Finally, the site could use technology to analyze the behavior of customers and create a unique, personalized experience for each one of them.

Though all the brilliant intellects of the ages were to concentrate upon this one theme, never could they adequately express their wonder at this dense darkness of the human mind. Men do not suffer anyone to seize their estates, and they rush to stones and arms if there is even the slightest dispute about the limit of their lands, yet they allow others to trespass upon their life—nay, they themselves even lead in those who will eventually possess it. No one is to be found who is willing to distribute his money, yet among how many does each one of us distribute his life! In guarding their fortune men are often closefisted, yet, when it comes to the matter of wasting time, in the case of the one thing in which it is right to be miserly, they show themselves most prodigal. And so I should like to lay hold upon someone from the company of older men and say: "I see that you have reached the farthest limit of human life, you are pressing hard upon your hundredth year, or are even beyond it; come now, recall your life and make a reckoning. Consider how much of your time was taken up with a moneylender, how much with a mistress, how much with a patron, how much with a client, how much in wrangling with your wife, how much in punishing your slaves, how much in rushing about the city on social duties. Add the diseases which we have caused by our own acts, add, too, the time that has lain idle and unused; you will see that you have fewer years to your credit than you count. Look back in memory and consider when you ever had a fixed plan, how few days have passed as you had intended, when you were ever at your own disposal, when your face ever wore its natural expression, when your mind was ever unperturbed, what work you have achieved in so long a life, how many have robbed you of life when you were not aware of what you were losing, how much was taken up in useless sorrow, in foolish joy, in greedy desire, in the allurements of society, how little of yourself was left to you; you will perceive that you are dying before your season!"7 What, then, is the reason of this? You live as if you were destined to live forever, no thought of your frailty ever enters your head, of how much time has already gone by you take no heed. You squander time as if you drew from a full and abundant supply, though all the while that day which you bestow on some person or thing is perhaps your last. You have all the fears of mortals and all the desires of immortals. You will hear many men saying: "After my fiftieth year I shall retire into leisure, my sixtieth year shall release me from public duties." And what guarantee, pray, have you that your life will last longer? Who will suffer your course to be just as you plan it? Are you not ashamed to reserve for yourself only the remnant of life, and to set apart for wisdom only that time which cannot be devoted to any business? How late it is to begin to live just when we must cease to live! What foolish forgetfulness of mortality to postpone wholesome plans to the fiftieth and sixtieth year, and to intend to begin life at a point to which few have attained!

But influential business leaders were eager proponents of numbers-driven merit pay for teachers. Ross Perot, for example, pushed Dallas to implement a plan to use test scores alone to evaluate teachers and distribute pay increases. So it was ironic that private industry had, by the 1980s, mostly turned away from efforts to pay white-collar workers according to strict productivity measures, finding that such formal evaluation programs were too expensive and time-consuming to create and implement. Research showed that companies with merit pay schemes did not perform better financially than did organizations without it, nor were their employees happier. Instead, management gurus recommended that workers be judged primarily by the holistic standards of individual supervisors.

Since our civilization is irreversibly dependent on electronics, abolition of EMR is out of the question. However, as a first step toward averting disaster, we must halt the introduction of new sources of electromagnetic energy while we investigate the biohazards of those we already have with a completeness and honesty that have so far been in short supply. New sources must be allowed only after their risks have been evaluated on the basis of the knowledge acquired in such a moratorium. 
With an adequately funded research program, the moratorium need last no more than five years, and the ensuing changes could almost certainly be performed without major economic trauma. It seems possible that a different power frequency—say 400 hertz instead of 60—might prove much safer. Burying power lines and providing them with grounded shields would reduce the electric fields around them, and magnetic shielding is also feasible. 
A major part of the safety changes would consist of energy-efficiency reforms that would benefit the economy in the long run. These new directions would have been taken years ago but for the opposition of power companies concerned with their short-term profits, and a government unwilling to challenge them. It is possible to redesign many appliances and communications devices so they use far less energy. The entire power supply could be decentralized by feeding electricity from renewable sources (wind, flowing water, sunlight, georhermal and ocean thermal energy conversion, and so forth) into local distribution nets. This would greatly decrease hazards by reducing the voltages and amperages required. Ultimately, most EMR hazards could be eliminated by the development of efficient photoelectric converters to be used as the primary power source at each point of consumption. The changeover would even pay for itself, as the loss factors of long-distance power transmission—not to mention the astronomical costs of building and decommissioning short-lived nuclear power plants—were eliminated. Safety need not imply giving up our beneficial machines. 
Obviously, given the present technomilitary control of society in most parts of the world, such sane efficiency will be immensely difficult to achieve. Nevertheless, we must try. Electromagnetic energy presents us with the same imperative as nuclear energy: Our survival depends on the ability of upright scientists and other people of goodwill to break the military-industrial death grip on our policy-making institutions.

Beyond streamlining operations and introducing cost innovations, a second lever companies can pull to meet their target cost is partnering. In bringing a new product or service to market, many companies mistakenly try to carry out all the production and distribution activities themselves. Sometimes that’s because they see the product or service as a platform for developing new capabilities. Other times it is simply a matter of not considering other outside options. Partnering, however, provides a way for companies to secure needed capabilities fast and effectively while dropping their cost structure. It allows a company to leverage other companies’ expertise and economies of scale. Partnering includes closing gaps in capabilities through making small acquisitions when doing so is faster and cheaper, providing access to needed expertise that has already been mastered. A

Putting it all together, fluctuations in attitudes and behavior combine to make the stock market the ultimate pendulum. In my 47 full calendar years in the investment business, starting with 1970, the annual returns on the S&P 500 have swung from plus 37% to minus 37%. Averaging out good years and bad years, the long-run return is usually stated as 10% or so. Everyone’s been happy with that typical performance and would love more of the same. But remember, a swinging pendulum may be at its midpoint “on average,” but it actually spends very little time there. The same is true of financial market performance. Here’s a fun question (and a good illustration): for how many of the 47 years from 1970 through 2016 was the annual return on the S&P 500 within 2% of “normal”—that is, between 8% and 12%? I expected the answer to be “not that often,” but I was surprised to learn that it had happened only three times! It also surprised me to learn that the return had been more than 20 percentage points away from “normal”—either up more than 30% or down more than 10%—more than one-quarter of the time: 13 out of the last 47 years. So one thing that can be said with total conviction about stock market performance is that the average certainly isn’t the norm. Market fluctuations of this magnitude aren’t nearly fully explained by the changing fortunes of companies, industries or economies. They’re largely attributable to the mood swings of investors. Lastly, the times when return is at the extremes aren’t randomly distributed over the years. Rather they’re clustered, due to the fact that investors’ psychological swings tend to persist for a while—to paraphrase Herb Stein, they tend to continue until they stop. Most of those 13 extreme up or down years were within a year or two of another year of similarly extreme performance in the same direction.

The carbon fee would raise the cost of the things you buy (since right now there is some carbon emitted in the production and distribution of pretty much everything). That’s a little less money in your pocket. But at the end of the year, the government would take all of the money collected by the carbon fee, divide it up, and give it back to you as a dividend check. By you, of course, I mean all of you. The government wouldn’t keep any of the money. All the fee would do is put a realistic price on the carbon we dump into the environment. Every factory, every company would have an incentive to reduce emissions, because then they could sell things at a lower price. Consumers, given a choice between a low-carbon pair of jeans and a high-carbon pair of jeans, would see a cost advantage in choosing the former. If you live a low-carbon lifestyle all year, when your dividend check arrives you will find that you came out ahead.

This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way. When growth becomes a supreme good, unrestricted by any other ethical considerations, it can easily lead to catastrophe. Some religions, such as Christianity and Nazism, have killed millions out of burning hatred. Capitalism has killed millions out of cold indifference coupled with greed. The Atlantic slave trade did not stem from racist hatred towards Africans. The individuals who bought the shares, the brokers who sold them, and the managers of the slave-trade companies rarely thought about the Africans. Nor did the owners of the sugar plantations. Many owners lived far from their plantations, and the only information they demanded were neat ledgers of profits and losses.

Qualities such as honesty, determination, and a cheerful acceptance of stress, which can all be identified through probing questionnaires and interviews, may be more important to the company in the long run than one's college grade-point average or years of "related experience." Every business is only as good as the people it brings into the organization. The corporate trainer should feel his job is the most important in the company, because it is. Exalt seniority-publicly, shamelessly, and with enough fanfare to raise goosebumps on the flesh of the most cynical spectator. And, after the ceremony, there should be some sort of permanent display so that employees passing by are continuously reminded of their own achievements and the achievements of others. The manager must freely share his expertise-not only about company procedures and products and services but also with regard to the supervisory skills he has worked so hard to acquire. If his attitude is, "Let them go out and get their own MBAs," the personnel under his authority will never have the full benefit of his experience. Without it, they will perform at a lower standard than is possible, jeopardizing the manager's own success. Should a CEO proclaim that there is no higher calling than being an employee of his organization? Perhaps not-for fear of being misunderstood-but it's certainly all right to think it. In fact, a CEO who does not feel this way should look for another company to manage-one that actually does contribute toward a better life for all. Every corporate leader should communicate to his workforce that its efforts are important and that employees should be very proud of what they do-for the company, for themselves, and, literally, for the world. If any employee is embarrassed to tell his friends what he does for a living, there has been a failure of leadership at his workplace. Loyalty is not demanded; it is created. Why can't a CEO put out his own suggested reading list to reinforce the corporate vision and core values? An attractive display at every employee lounge of books to be freely borrowed, or purchased, will generate interest and participation. Of course, the program has to be purely voluntary, but many employees will wish to be conversant with the material others are talking about. The books will be another point of contact between individuals, who might find themselves conversing on topics other than the weekend football games. By simply distributing the list and displaying the books prominently, the CEO will set into motion a chain of events that can greatly benefit the workplace. For a very cost-effective investment, management will have yet another way to strengthen the corporate message. The very existence of many companies hangs not on the decisions of their visionary CEOs and energetic managers but on the behavior of its receptionists, retail clerks, delivery drivers, and service personnel. The manager must put himself and his people through progressively challenging courage-building experiences. He must make these a mandatory group experience, and he must lead the way. People who have confronted the fear of public speaking, and have learned to master it, find that their new confidence manifests itself in every other facet of the professional and personal lives. Managers who hold weekly meetings in which everyone takes on progressively more difficult speaking or presentation assignments will see personalities revolutionized before their eyes. Command from a forward position, which means from the thick of it. No soldier will ever be inspired to advance into a hail of bullets by orders phoned in on the radio from the safety of a remote command post; he is inspired to follow the officer in front of him. It is much more effective to get your personnel to follow you than to push them forward from behind a desk. The more important the mission, the more important it is to be at the front.

When a small but growing company like Santa Monica Seafood begins to dominate a segment of the fresh fish market, putting pressure on big companies like Sysco or U.S. Foods, they simply step in and buy them out.” Danreb snapped his fingers. “Poof! No more competition. If the smaller company won’t sell, then the larger corporation, with more resources, squeezes them; usually by cutting off distribution and shipping. It’s more coordinated and integrated than the Mafia, and most of it is even legal. Coca-Cola and PepsiCo do the same thing. They watch and monitor their sector, and when another drink company starts to get traction, they buy it or cut off its distribution. When was the last time you were in a restaurant or stadium or arena that served both Coke and Pepsi? Never happens. They split up the market. And chances are, any other available beverage that isn’t owned by Coke or Pepsi is at least distributed by them, which is another means of control. The point is, if you start to be successful, you get crushed, unless you are in the club.” “You said

There was once a businessman who was sitting by the beach in a small Brazilian village. As he sat, he saw a Brazilian fisherman rowing a small boat toward the shore having caught quite a few big fish. The businessman was impressed and asked the fisherman, “How long does it take you to catch so many fish?” The fisherman replied, “Oh, just a short while.” “Then why don’t you stay longer at sea and catch even more?” The businessman was astonished. “This is enough to feed my whole family,” the fisherman said. The businessman then asked, “So, what do you do for the rest of the day?” The fisherman replied, “Well, I usually wake up early in the morning, go out to sea and catch a few fish, then go back and play with my kids. In the afternoon, I take a nap with my wife, and [when] evening comes, I join my buddies in the village for a drink—we play guitar, sing and dance throughout the night.” The businessman offered a suggestion to the fisherman. “I am a PhD in business management. I could help you to become a more successful person. From now on, you should spend more time at sea and try to catch as many fish as possible. When you have saved enough money, you could buy a bigger boat and catch even more fish. Soon you will be able to afford to buy more boats, set up your own company, your own production plant for canned food and distribution network. By then, you will have moved out of this village and to São Paulo, where you can set up an HQ to manage your other branches.” The fisherman continues, “And after that?” The businessman laughs heartily. “After that, you can live like a king in your own house, and when the time is right, you can go public and float your shares in the Stock Exchange, and you will be rich.” The fisherman asks, “And after that?” The businessman says, “After that, you can finally retire, you can move to a house by the fishing village, wake up early in the morning, catch a few fish, then return home to play with [your] kids, have a nice afternoon nap with your wife, and when evening comes, you can join your buddies for a drink, play the guitar, sing and dance throughout the night!” The fisherman was puzzled. “Isn’t that what I am doing now?

1. Make incremental advances Grand visions inflated the bubble, so they should not be indulged. Anyone who claims to be able to do something great is suspect, and anyone who wants to change the world should be more humble. Small, incremental steps are the only safe path forward. 2. Stay lean and flexible All companies must be “lean,” which is code for “unplanned.” You should not know what your business will do; planning is arrogant and inflexible. Instead you should try things out, “iterate,” and treat entrepreneurship as agnostic experimentation. 3. Improve on the competition Don’t try to create a new market prematurely. The only way to know you have a real business is to start with an already existing customer, so you should build your company by improving on recognizable products already offered by successful competitors. 4. Focus on product, not sales If your product requires advertising or salespeople to sell it, it’s not good enough: technology is primarily about product development, not distribution. Bubble-era advertising was obviously wasteful, so the only sustainable growth is viral growth.

All of a sudden (in 1938 I think), in order to extend its autarchy to the domain of cinema, Italy decreed an embargo on American films. It wasn’t a question of censorship: as usual the censors granted or denied permission to individual films, and nobody saw the ones that didn’t get it and that was it. In spite of the awkward anti-Hollywood propaganda campaign that accompanied the measure (right around that time the regime began to conform to Hitler’s racism), the true reason for the embargo was supposed to be commercial protectionism, in order to make room in the market for Italian (and German) productions. For this reason the four largest American production and distribution companies—Metro, Fox, Paramount, Warner—(I’m still relying on memory, trusting the accuracy of the registration of my trauma), whereas films by other American companies like RKO, Columbia, Universal, United Artists (which had also been distributed before then by Italian companies) continued to arrive until 1941, that is until Italy found itself at war with the United States. I was still granted some sporadic satisfaction (in fact, one of the greatest: Stagecoach [John Ford, 1939]) but my collector’s voracity suffered a fatal blow. Compared to all of the prohibitions and obligations that fascism had imposed on us, and to the even more severe ones that it continued to enforce in those years before and then during the war, the veto on American films was certainly a minor or small loss, and I wasn’t foolish enough not to know it. Yet it was the first to affect me directly, and I hadn’t known any years other than those of fascism nor had I felt any needs other than those that the environment in which I lived could suggest and satisfy. It was the first time a right I enjoyed had been taken from me: more than a right, a dimension, a world, a space in my mind; and I felt this loss as cruel oppression which embodied all the forms of oppression that I’d heard about or seen other people suffer. If I can still talk about it today like a lost privilege it’s because something disappeared like that from my life, never to return again. So many things had changed after the war was over: I’d changed, cinema had become something else, something different in itself and in relation to me. My biography as a spectator resumed, but it was that of another spectator who wasn’t just a spectator anymore.

THE GLOBE | Unlocking the Wealth in Rural Markets Mamta Kapur, Sanjay Dawar, and Vineet R. Ahuja | 151 words In India and other large emerging economies, rural markets hold great promise for boosting corporate earnings. Companies that sell in the countryside, however, face poor infrastructure, widely dispersed customers, and other challenges. To better understand the obstacles and how to overcome them, the authors—researchers with Accenture—conducted extensive surveys and interviews with Indian business leaders in multiple industries. Their three-year study revealed several successful strategies for increasing revenues and profits in rural markets: Start with a good distribution plan. The most effective approaches are multipronged—for example, adding extra layers to existing networks and engaging local partners to create new ones. Mine data to identify prospective customers. Combining site visits, market surveys, and GIS mapping can help companies discover new buyers. Forge tight bonds with channel partners. It pays to spend time and money helping distributors and retailers improve their operations. Create durable ties with customers. Companies can build loyalty by addressing customers’ welfare and winning the trust of community leaders.

Life within a Templar house was designed where possible to resemble that of a Cistercian monastery. Meals were communal and to be eaten in near silence, while a reading was given from the Bible. The rule accepted that the elaborate sign language monks used to ask for necessities while eating might not be known to Templar recruits, in which case "quietly and privately you should ask for what you need at table, with all humility and submission." Equal rations of food and wine were to be given to each brother and leftovers would be distributed to the poor. The numerous fast days of the Church calendar were to be observed, but allowances would be made for the needs of fighting men: meat was to be served three times a week, on Tuesdays, Thursdays and Saturdays. Should the schedule of annual fast days interrupt this rhythm, rations would be increased to make up for lost sustenance as soon as the fasting period was over. It was recognized that the Templars were killers. "This armed company of knights may kill the enemies of the cross without stated the rule, neatly summing up the conclusion of centuries of experimental Christian philosophy, which had concluded that slaying humans who happened to be "unbelieving pagans" and "the enemies of the son of the Virgin Mary" was an act worthy of divine praise and not damnation. Otherwise, the Templars were expected to live in pious self-denial. Three horses were permitted to each knight, along with one squire whom "the brother shall not beat." Hunting with hawks—a favorite pastime of warriors throughout Christendom—was forbidden, as was hunting with dogs. only beasts Templars were permitted to kill were the mountain lions of the Holy Land. They were forbidden even to be in the company of hunting men, for the reason that "it is fitting for every religious man to go simply and humbly without laughing or talking too much." Banned, too, was the company of women, which the rule scorned as "a dangerous thing, for by it the old devil has led man from the straight path to paradise the flower of chastity is always [to be] maintained among you.... For this reason none Of you may presume to kiss a woman' be it widow, young girl, mother, sister, aunt or any other.... The Knighthood of Christ should avoid at all costs the embraces of women, by which men have perished many times." Although married men were permitted to join the order, they were not allowed to wear the white cloak and wives were not supposed to join their husbands in Templar houses.

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit. This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way.

White Labeling White labeling is when another company pays you to license your product and present it with its own branding, and the moment you launch a successful product, people will start emailing you with “exciting opportunities” to white label. For the most part, these conversations are a big waste of time. Usually what you have is someone who wants to start a business but can’t build their own product. They want to pay you per account they add, but they have no audience or distribution. In the end, you’ll spend a bunch of time talking to them, writing up contracts, and taking feature requests—for nothing. If you’re approached about white labeling by a large player, it’s worth having the conversation. You know they’re not wasting your time because they don’t want to waste their own. To justify the effort of white labeling, I recommend charging an up-front fee. We’re talking tens of thousands of dollars—$30,000 to $50,000 at a minimum. If someone balks at paying that fee, they’re not willing to put enough skin in the game to warrant your efforts. I’m not a fan of white labeling in most situations. It’s a way to serve customers and make money without building a brand. We discussed above how a brand is a moat, and losing that is an unfortunate consequence of white labeling.

Daily work in the field of online advertising, as Jack Goldenberg sees it, is still significantly different from what the trends are propagated by online promotions. Defining online budget According to Jack Goldenberg a vast majority of the budget for online advertising does not exceed $2,000 on a monthly basis, depending on the perception of the company as they can bring effects "online adventure", established budgets for online advertising move in value from $200 to $2,000 per month (with highest proportion of $200-$500). This does not mean that a number of companies gives less advertising - but even then it can not be called "creating the campaign." Goldenberg believes that in order to create an online advertising campaign there should be a budget of at least $500 for the use of different types of online advertising. Goldenberg explains this as: In an environment of such budget is not simply distribute the money "wisely" and that since it has obvious benefits through a variety of online advertising systems. Jack Goldenberg found out how most companies in the world and USA are oriented towards effects in relation to the funds that are made for advertising. In this type of company, regardless of what everyone knows to be used types of brand advertising (advertising through banners - display advertising) to create recognizable firms in certain target groups, the effects of such advertising are not directly comparable with respect to the effects of (price per click - CPC - Cost per click) with contextual advertising, which for years has given much more efficient (measurable) results in relation to advertising banners, concludes Mr. Goldenberg. According to Yoel Goldenberg it is good when there is an understanding in companies that brand advertising has a different type of effects in relation to the PPC (contextual) advertising, and that would be it "documented" in a certain way, it is necessary to constantly explore and find those web sites that deliver the best effects for optimum need of assets. The process of creating an online advertising campaigns, explained by Goldenberg, usually starts (or should start) finding individual Web sites on which to advertise a company could, possibly longer term. Unfortunately, says Goldenberg, in our country is not in all sectors (industries) simply find diverse Web sites from which to choose "pretenders" for online advertising. An even greater problem is the fact that long-term advertising on a Web site does not bring the desired effect, unless it is constantly not working to the content of advertising often changes with an emphasis on meeting the needs of potential clients.

You know that you are not a hero and that you never wanted to be the one. You have never wanted to die for your nation, or for freedom, or for anything else, for that matter: the fates of Winkelried and Ordon [legendary heroes who died for their countries, which were overwhelmed by superior enemies] have never tempted you. You have always wanted to be alive, to live like a normal person, to have respect for yourself and for your friends. You have always enjoyed the moral comfort that allows you to take pleasure in your inner freedom, in beautiful women, and in wine. This war surprised you in the company of a pretty woman, not while you were plotting an assault on the Central Committee headquarters. Nevertheless, they did declare this war on you and over thirty million other people, and so you are forced to recognise that amid the street roundups, the ignoble court sentences, the despicable radio programs, and the distribution of leaflets by underground Solidarity you will not regain the normalcy that was based on respect for yourself. Now you must choose between moral and material stability, because you know that today's "normalcy" will have the bitter taste of self-defeat. And you will not, for the sake of life's enjoyments, give in to the tempting offers of freedom made by the policeman, who seeks to delude you with promises of happiness but really brings suffering and inner hell instead. No, this is not heroism. It is mere common sense.

Since governments have the ability to both make and borrow money, why couldn’t the central bank lend money at an interest rate of about 0 percent to the central government to distribute as it likes to support the economy? Couldn’t it also lend to others at low rates and allow those debtors to never pay it back? Normally debtors have to pay back the original amount borrowed (principal) plus interest in installments over a period of time. But the central bank has the power to set the interest rate at 0 percent and keep rolling over the debt so that the debtor never has to pay it back. That would be the equivalent of giving the debtors the money, but it wouldn’t look that way because the debt would still be accounted for as an asset that the central bank owns, so the central bank could still say it is performing its normal lending functions. This is the exact thing that happened in the wake of the economic crisis caused by the COVID-19 pandemic. Many versions of this have happened many times in history. Who pays? It is bad for those outside the central bank who still hold the debts as assets—cash and bonds—who won’t get returns that would preserve their purchasing power. The biggest problem that we now collectively face is that for many people, companies, nonprofit organizations, and governments, their incomes are low in relation to their expenses, and their debts and other liabilities (such as those for pensions, healthcare, and insurance) are very large relative to the value of their assets.

It is easy to put down Frances Trollope as a Tory embittered by her American business failure. But her observations on American manners, confirmed by many other observers foreign and domestic, actually provide a sharply drawn picture of daily life in the young republic. Most observers at the time agreed with her in finding Americans obsessively preoccupied with earning a living and relatively uninterested in leisure activities. Not only Tories but reformers like Martineau and Charles Dickens angered their hosts by complaining of the overwhelmingly commercial tone of American life, the worship of the 'almighty dollar.' Americans pursued success so avidly they seldom paused to smell the flowers. A kind of raw egotism, unsoftened by sociability, expressed itself in boastful men, demanding women, and loud children. The amiable arts of conversation and cooking were not well cultivated, foreigners complained; Tocqueville found American cuisine 'the infancy of the art' and declared one New York dinner he attended 'complete barbarism.' Despite their relatively broad distribution of prosperity, Americans seemed strangely restless; visitors interpreted the popularity of the rocking chair as one symptom of this restlessness. Another symptom, even more emphatically deplored, was the habit, widespread among males, of chewing tobacco and spitting on the floor. Women found their long dresses caught the spittle, which encouraged them to avoid male company at social events. Chewing tobacco thus reinforced the tendency toward social segregation of the sexes, with each gender talking among themselves about their occupations, the men, business and politics; the women, homemaking and children.

Back in 2015, a volunteer group called Bitnation set up something called the Blockchain Emergency ID. There’s not a lot of data on the project now, BE-ID - used public-key cryptography to generate unique IDs for people without their documents. People could verify their relations, that these people belonged to their family, and so on. It was a very modern way of maintaining an ID; secure, fast, and easy to use. Using the Bitcoin blockchain, the group published all these IDs on to a globally distributed public ledger, spread across the computers of every single Bitcoin user online - hundreds of thousands of users, in those times. Once published, no government could undo it; the identities would float around in the recesses of the Internet. As long as the network remained alive, every person's identity would remain intact, forever floating as bits and bytes between the nations: no single country, government or company could ever deny them this. “That was, and I don't say this often, the fucking bomb,” said Common, In one fell swoop, identities were taken outside government control. BE-ID, progressing in stages, became the refugees' gateway to social assistance and financial services. First it became compliant with UN guidelines. Then it was linked to a VISA card. And thus out of the Syrian war was something that looked like it could solve global identification forever. Experts wrote on its potential. No more passports. No more national IDs. Sounds familiar? Yes, that’s the United Nations Identity in a nutshell. Julius Common’s first hit - the global identity revolution that he sold first to the UN, and then to almost every government in the world - was conceived of when he was a teenager.

The overwhelming favorites to dominate the race to become the so-called Information Superhighway were competing proprietary technologies from industry powerhouses such as Oracle and Microsoft. Their stories captured the imagination of the business press. This was not so illogical, since most companies didn’t even run TCP/IP (the software foundation for the Internet)—they ran proprietary networking protocols such as AppleTalk, NetBIOS, and SNA. As late as November 1995, Bill Gates wrote a book titled The Road Ahead, in which he predicted that the Information Superhighway—a network connecting all businesses and consumers in a world of frictionless commerce—would be the logical successor to the Internet and would rule the future. Gates later went back and changed references from the Information Superhighway to the Internet, but that was not his original vision. The implications of this proprietary vision were not good for business or for consumers. In the minds of visionaries like Bill Gates and Larry Ellison, the corporations that owned the Information Superhighway would tax every transaction by charging a “vigorish,” as Microsoft’s then–chief technology officer, Nathan Myhrvold, referred to it. It’s difficult to overstate the momentum that the proprietary Information Superhighway carried. After Mosaic, even Marc and his cofounder, Jim Clark, originally planned a business for video distribution to run on top of the proprietary Information Superhighway, not the Internet. It wasn’t until deep into the planning process that they decided that by improving the browser to make it secure, more functional, and easier to use, they could make the Internet the network of the future. And that became the mission of Netscape—a mission that they would gloriously accomplish.

On August 16, 2012, the South African police intervened in a labor conflict between workers at the Marikana platinum mine near Johannesburg and the mine’s owners: the stockholders of Lonmin, Inc., based in London. Police fired on the strikers with live ammunition. Thirty-four miners were killed.1 As often in such strikes, the conflict primarily concerned wages: the miners had asked for a doubling of their wage from 500 to 1,000 euros a month. After the tragic loss of life, the company finally proposed a monthly raise of 75 euros.2 This episode reminds us, if we needed reminding, that the question of what share of output should go to wages and what share to profits—in other words, how should the income from production be divided between labor and capital?—has always been at the heart of distributional conflict. In traditional societies, the basis of social inequality and most common cause of rebellion was the conflict of interest between landlord and peasant, between those who owned land and those who cultivated it with their labor, those who received land rents and those who paid them. The Industrial Revolution exacerbated the conflict between capital and labor, perhaps because production became more capital intensive than in the past (making use of machinery and exploiting natural resources more than ever before) and perhaps, too, because hopes for a more equitable distribution of income and a more democratic social order were dashed. I will come back to this point. The Marikana tragedy calls to mind earlier instances of violence. At Haymarket Square in Chicago on May 1, 1886, and then at Fourmies, in northern France, on May 1, 1891, police fired on workers striking for higher wages. Does this kind of violent clash between labor and capital belong to the past, or will it be an integral part of twenty-first-century history?

Key Points: ● Transparency - Blockchain offers significant improvements in transparency compared to existing record keeping and ledgers for many industries. ● Removal of Intermediaries – Blockchain-based systems allow for the removal of intermediaries involved in the record keeping and transfer of assets. ● Decentralization – Blockchain-based systems can run on a decentralized network of computers, reducing the risk of hacking, server downtime and loss of data. ● Trust – Blockchain-based systems increase trust between parties involved in a transaction through improved transparency and decentralized networks along with removal of third-party intermediaries in countries where trust in the intermediaries doesn’t exist. ● Security – Data entered on the blockchain is immutable, preventing against fraud through manipulating transactions and the history of data. Transactions entered on the blockchain provide a clear trail to the very start of the blockchain allowing any transaction to be easily investigated and audited. ● Wide range of uses - Almost anything of value can be recorded on the blockchain and there are many companies and industries already developing blockchain-based systems. These examples are covered later in the book. ● Easily accessible technology – Along with the wide range of uses, blockchain technology makes it easy to create applications without significant investment in infrastructure with recent innovations like the Ethereum platform. Decentralized apps, smart contracts and the Ethereum platform are covered later in the book. ● Reduced costs – Blockchain-based ledgers allow for removal of intermediaries and layers of confirmation involved in transactions. Transactions that may take multiple individual ledgers, could be settled on one shared ledger, reducing the costs of validating, confirming and auditing each transaction across multiple organizations. ● Increased transaction speed – The removal of intermediaries and settlement on distributed ledgers, allows for dramatically increased transaction speeds compared to a wide range of existing systems.

Found a startup society. This is simply an online community with aspirations of something greater. Anyone can found one, just like anyone can found a company or cryptocurrency.2 And the founder’s legitimacy comes from whether people opt to follow them. Organize it into a group capable of collective action. Given a sufficiently dedicated online community, the next step is to organize it into a network union. Unlike a social network, a network union has a purpose: it coordinates its members for their mutual benefit. And unlike a traditional union, a network union is not set up solely in opposition to a particular corporation, so it can take a variety of different collective actions.3 Unionization is a key step because it turns an otherwise ineffective online community into a group of people working together for a common cause. Build trust offline and a cryptoeconomy online. Begin holding in-person meetups in the physical world, of increasing scale and duration, while simultaneously building an internal economy using cryptocurrency. Crowdfund physical nodes. Once sufficient trust has been built and funds have been accumulated, start crowdfunding apartments, houses, and even towns to bring digital citizens into the physical world within real co-living communities. Digitally connect physical communities. Link these physical nodes together into a network archipelago, a set of digitally connected physical territories distributed around the world. Nodes of the network archipelago range from one-person apartments to in-person communities of arbitrary size. Physical access is granted by holding a web3 cryptopassport, and mixed reality is used to seamlessly link the online and offline worlds. Conduct an on-chain census. As the society scales, run a cryptographically auditable census to demonstrate the growing size of your population, income, and real-estate footprint. This is how a startup society proves traction in the face of skepticism. Gain diplomatic recognition. A startup society with sufficient scale should eventually be able to negotiate for diplomatic recognition from at least one pre-existing government, and from there gradually increased sovereignty, slowly becoming a true network state.

There are kinds of food we’re hard wired to love. Salt, sugars, and fats. Food that, over the course of the history of our species, has helped us get through some long winters, and plow through some extreme migrations. There are also certain kinds of information we’re hard wired to love: affirmation is something we all enjoy receiving, and the confirmation of our beliefs helps us form stronger communities. The spread of fear and its companion, hate, are clearly survival instincts, but more benign acts like gossip also help us spread the word about things that could be a danger to us. In the world of food, we’ve seen massive efficiencies leveraged by massive corporations that have driven the cost of a calorie down so low that now obesity is more of a threat than famine. Those same kinds of efficiencies are now transforming our information supply: we’ve learned how to produce and distribute information in a nearly free manner. The parallels between what’s happened to our food and what’s happened to our information are striking. Driven by a desire for more profits, and a desire to feed more people, manufacturers figured out how to make food really cheap; and the stuff that’s the worst for us tends to be the cheapest to make. As a result, a healthy diet — knowing what to consume and what to avoid — has gone from being a luxury to mandatory for our longevity. Just as food companies learned that if they want to sell a lot of cheap calories, they should pack them with salt, fat, and sugar — the stuff that people crave — media companies learned that affirmation sells a lot better than information. Who wants to hear the truth when they can hear that they’re right? Because of the inherent social nature of information, the consequences of these new efficiencies are far more dramatic than even the consequence of physical obesity. Our information habits go beyond affecting the individual. They have serious social consequences. Much as a poor diet gives us a variety of diseases, poor information diets give us new forms of ignorance — ignorance that comes not from a lack of information, but from overconsumption of it, and sicknesses and delusions that don’t affect the underinformed but the hyperinformed and the well educated.

An American businessman took a vacation to a small coastal Mexican village on doctor’s orders. Unable to sleep after an urgent phone call from the office the first morning, he walked out to the pier to clear his head. A small boat with just one fisherman had docked, and inside the boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish. “How long did it take you to catch them?” the American asked. “Only a little while,” the Mexican replied in surprisingly good English. “Why don’t you stay out longer and catch more fish?” the American then asked. “I have enough to support my family and give a few to friends,” the Mexican said as he unloaded them into a basket. “But… What do you do with the rest of your time?” The Mexican looked up and smiled. “I sleep late, fish a little, play with my children, take a siesta with my wife, Julia, and stroll into the village each evening, where I sip wine and play guitar with my amigos. I have a full and busy life, señor.” The American laughed and stood tall. “Sir, I’m a Harvard M.B.A. and can help you. You should spend more time fishing, and with the proceeds, buy a bigger boat. In no time, you could buy several boats with the increased haul. Eventually, you would have a fleet of fishing boats.” He continued, “Instead of selling your catch to a middleman, you would sell directly to the consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village, of course, and move to Mexico City, then to Los Angeles, and eventually to New York City, where you could run your expanded enterprise with proper management. The Mexican fisherman asked, “But, señor, how long will all this take?” To which the American replied, “15-20 years, 25 tops.” “But what then, señor?” The American laughed and said, “That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.” “Millions señor? Then what?" “Then you would retire and move to a small coastal fishing village, where you would sleep late, fish a little, play with your kids, take a siesta with your wife, and stroll in to the village in the evenings where you could sip wine and play your guitar with your amigos.

I put my hand on his forearm, I don't know why I do this, and it's not exactly natural, although it's not unnatural, except that I really want to touch his skin. It's smooth and tan just a little bit and feels like summer, like something familiar and warm and good, like my skin did on the first days aboard 'Fishful Thinking' before it salted and burned and peeled. 'We broke up three years after that.' I sit back in my chair and give a sly smile. Relationships are complex and sometimes you can't really explain them to an outside party. 'I can't believe I just told you that' 'YES! YOU! ARE! LIVING! YOUR! FULL! LIFE!' A third time. I am not imagining it. 'There you are.' This time my heart does skip a beat. I look down at his arm, and we are still touching, and he has made no attempt to retract his arm or retreat. All my surroundings, the red formica table top, the pink yogurt, the blue sky, the green vegetables in the market, they all come alive in vibrant technicolor as the sun peers from behind a cloud. I am living my full life. 'Honesty in all things,' Byron adds, lifting his cup of yogurt for a toast of sorts. I pull my hand away from him and the instant my hand is back by his side, I miss the warmth of his arm, the warmth of him. Honesty in all things. I should put my hand back, that's where it wants to be, that's Lily's lesson to me. Be present in the moment, give spontaneous affection. I'm suddenly aware I haven't spoken in a bit. 'Did you know that an octopus has three hearts?' As soon as it comes out of my mouth, I realize I sound like that kid from 'Jerry McGuire.' 'Did you know the human head weighs eight pounds?' I hope my question comes off almost a fraction as endearing. 'No,' Byron says with a glint in his eye that reads as curiosity, at least I hope that it does, but even if it doesn't I'm too into the inertia of the trivia to stop it. 'It's true, one heart called the systemic heart that functions much like the left side of the human heart, distributing blood throughout the heart, then two smaller branchial heart with gills that act like the right side of our hearts to pump the blood back.' 'What made you think of that?' I smile. It may be entirely inappropriate first date conversation, but at least it doesn't bore me in the telling. I look up at the winsome August sky, marred only by the contrails of a passing jet, and a vaguely dachshund shaped cloud above the horizon. I don't believe in fate. I don't believe in love at first site. I don't believe in angels. I don't believe in heaven and that our loved ones are looking down on us, but the sun is so warm and the breeze is so cool and the company is so perfect and the whole afternoon so intoxicating, ti's hard not to hear Lily's voice dancing in the gentle wind, 'one! month! is Long! Enough TO! BE! SAD!' ... 'I recently lost someone close to me....I don't know, I feel her here today with us, you, me, her, three hearts, like an octopus,' I shrug. If I were him, I would run. What a ridiculously creepy thing to say. I would run and I would not stop until I was home in my bed with a gallon of ice cream deleting my profile from every dating site I belonged to. Maybe it's because it's not rehearsed, maybe it's because it's as weird a thing to say as it is genuine, maybe it's because this is finally the man for me. Byron stands and offers me his hand, 'Let's take a walk and you can tell me about her.' The gentle untying of a shoe lace. It takes me a minute to decide if I can do this, and I decide that I can, and I throw our yogurt dishes away, and I put my hand in his, and it's soft and warm, and instead of awkward fumbling, our hands clasp together like magnets and metal, like we've been hand-in-hand all along, and we are touching again. ...

At the heart of this inequity lies a simple design question: who owns the enterprise and, so, captures the value that workers generate? When the founding fathers of economics disagreed over how income would be distributed between labour, landlords and capitalists, they could all agree on one thing: that these were obviously three distinct groups of people. In the midst of the industrial revolution—when industrialists issued shares to wealthy investors while hiring penniless workers at the factory gate—that was a fair assumption. But what determined each group’s respective share of earnings? Economic theory says it is their relative productivity, but in practice, it has largely turned out to be their relative power. The rise of shareholder capitalism entrenched the culture of shareholder primacy, with the belief that a company’s primary obligation is to maximise returns for those who own its shares.

Another example of how blitzscaling applies to a completely different type of business is the rapid rise of the shale oil and natural gas industry in the United States during the 2000s. The energy sector scores well on the growth factors we’ve defined. Oil and gas is an enormous, high-margin industry, with a very efficient distribution system. And while the shale industry doesn’t feature many network effects, it has its own source of powerful long-term competitive advantage. In the energy industry, rather than buy land outright, the usual practice is to lease the drilling rights for ninety-nine years for a combination of guaranteed lease payments and royalties. This means that leasing the right land is tantamount to holding an unbreakable monopoly on the oil and gas underneath that land,

VENERABLE EUPHROSYNOS THE COOK OF ALEXANDRIA. Euphrosynos the monk labored in the monastery kitchen, serving the brethren with humility and patience. He never neglected his prayers or fasting. He suffered much abuse from the brothers, but his patience was inexpressible. One night a certain priest who lived at the monastery prayed to the Lord to show him the things which are prepared for those that love the Lord. He had a vision that he was standing in a garden of unimaginable beauty, and he saw Euphrosynos walking by. The priest asked, “Brother Euphrosynos, what is this place? Can this be paradise?” Euphrosynos answered, “It is paradise, Father.” When the priest asked what he was doing there, Euphrosynos said that he had made his abode there and distributes to others the gifts of the garden. He then placed three apples in a kerchief and gave them to the priest. At that moment, the semantron was struck for Matins, and the priest awoke and found the three fragrant apples that Euphrosynos had given him in paradise. When he arrived in church, he asked Euphrosynos where he had been that night, and the monk replied, “Forgive me, Father, I have been in that place where we saw one another.” The priest asked, “What did you give me, Father, in paradise when I spoke with you?” “The three fragrant apples which you have placed on your bed in your cell; but forgive me, Father, for I am a worm and not a man,” answered Euphrosynos. Following the church service, the humble Euphrosynos was nowhere to be found. The apples were divided among the brethren, and whoever ate of them, was healed of their infirmities.

he asked them. “Too long. Don’t be such a stranger. Stop by if you’re in our neighborhood. We would love to sit and chat. We can talk about the good old days and we got lots of pictures and stories from Tuscany.” “Will do. Enjoy the evening.” Jack turned and was face to face with their daughter, Patti. “Hi, Jack,” she whispered. “Great to see you again,” she said and kissed him on the cheek. “It was so good to talk with you the other day. It meant a lot to see you.” He watched her as she started to walk away and turned to him and say, “I wanted to let you know that after we talked I gave my husband a phone call. Eric and I decided to get back together. We’ve shared a lot of history, and we’re at least going to give it one last try to see if we can make it work. Thanks for everything, Jack. Bye.” She kissed him on the cheek. Jack saw Hope walking across the floor. “She’s pretty. Who was that?” glancing at Patti walk away. “An old and dear friend. Both Charley and I had a crush on her when we were younger. I’ll introduce you to her and her mom and dad later. You’ll like her.” More people filed inside to an already full hall. Soon it was standing room only. Jack turned to Hope and whispered, “I can’t believe this. We’ve had over twenty businesses make donations to the veterans’ fund to help support job training and for overseas servicemen’s wives and families. We also got money from the Yankee Bookshop, the Woodstock Inn, the Billings Farm Museum, the bank, and Bentleys Restaurant. They all donated money.” “That’s great,” she said excitedly. “And we’ve received over thirty new membership requests for the Veterans Post and that’s just yesterday. This is better than I ever expected. And four companies have committed to hiring more vets locally, including King Arthur Flour Company. They’re planning to build a new distribution center just west of town. I can’t believe all of this is happening.” “You should,” Hope said. “I remember you sat down right over there at that table and laid out what you wanted to see happen and you kept working on it until it did. I’m so proud of you.” He hugged her close and kissed her. He never wanted to let her go. The distinct fragrance of fresh balsam, pine, and holly filled

If the company meets all of the qualifications for a REIT, it enjoys special tax status: it doesn’t have to pay any taxes at the company level, which means more cash and higher returns for shareholders. (This is in contrast to the double-taxation issues of corporate stocks, where the corporation has to pay taxes on its income before distributing dividends to shareholders, and then the shareholders have to pay taxes on the dividends they receive, resulting in the same money being taxed twice.)

venture returns don’t follow a normal distribution overall. Rather, they follow a power law: a small handful of companies radically outperform all others. If you focus on diversification instead of single-minded pursuit of the very few companies that can become overwhelmingly valuable, you’ll miss those rare companies in the first place.

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Of all organizations, it was oddly enough Wal-Mart that best recognized the complex nature of the circumstances, according to a case study from Harvard’s Kennedy School of Government. Briefed on what was developing, the giant discount retailer’s chief executive officer, Lee Scott, issued a simple edict. “This company will respond to the level of this disaster,” he was remembered to have said in a meeting with his upper management. “A lot of you are going to have to make decisions above your level. Make the best decision that you can with the information that’s available to you at the time, and, above all, do the right thing.” As one of the officers at the meeting later recalled, “That was it.” The edict was passed down to store managers and set the tone for how people were expected to react. On the most immediate level, Wal-Mart had 126 stores closed due to damage and power outages. Twenty thousand employees and their family members were displaced. The initial focus was on helping them. And within forty-eight hours, more than half of the damaged stores were up and running again. But according to one executive on the scene, as word of the disaster’s impact on the city’s population began filtering in from Wal-Mart employees on the ground, the priority shifted from reopening stores to “Oh, my God, what can we do to help these people?” Acting on their own authority, Wal-Mart’s store managers began distributing diapers, water, baby formula, and ice to residents. Where FEMA still hadn’t figured out how to requisition supplies, the managers fashioned crude paper-slip credit systems for first responders, providing them with food, sleeping bags, toiletries, and also, where available, rescue equipment like hatchets, ropes, and boots. The assistant manager of a Wal-Mart store engulfed by a thirty-foot storm surge ran a bulldozer through the store, loaded it with any items she could salvage, and gave them all away in the parking lot. When a local hospital told her it was running short of drugs, she went back in and broke into the store’s pharmacy—and was lauded by upper management for it.

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He explained to Steve that there was an important difference in the digital media value chain as well. In physical retail, Amazon operated at the middle of the value chain. We added value by sourcing and aggregating a vast selection of goods, tens of millions of them, on a single website and delivering them quickly and cheaply to customers. To win in digital, because those physical retail value adds were not advantages, we needed to identify other parts of the value chain where we could differentiate and serve customers well. Jeff told Steve that this meant moving out of the middle and venturing to either end of the value chain. On one end was content, where the value creators were book authors, filmmakers, TV producers, publishers, musicians, record companies, and movie studios. On the other end was distribution and consumption of content. In digital, that meant focusing on applications and devices consumers used to read, watch, or listen to content, as Apple had already done with iTunes and the iPod. We all took note of what Apple had achieved in digital music in a short period of time and sought to apply those learnings to our long-term product vision.

If there were not in this city hundreds who had striven to become rich, and who had acquired wealth, where would all this civilization, and these alms-houses and great houses be? Going after wealth in such a case is not bad, because that wealth is for distribution. The householder is the centre of life and society. It is a worship for him to acquire and spend wealth nobly, for the householder who struggles to become rich by good means and for good purposes is doing practically the same thing for the attainment of salvation as the anchorite does in his cell when he is praying; for in them we see only the different aspects of the same virtue of self-surrender and self-sacrifice prompted by the feeling of devotion to God and to all that is His. He must struggle to acquire a good name by all means. He must not gamble, he must not move in the company of the wicked, he must not tell lies, and must not be the cause of trouble to others.

THERE WAS ONE MAN in the movie business immune to the usual pressures of dealing with actors, directors, set design, and union contractors. He created stars who never aged, never complained, never walked off the job, and never demanded salaries. By 1937 Walt Disney was already a dominant parallel force to the studio system, “the Horatio Alger hero of Cinema.” He did need distribution, but his company’s work had such a strong draw at the box office that the distribution arms needed Disney more than the other way around. He controlled the biggest star in the world, Mickey Mouse, who had debuted in a short seven-minute cartoon Steamboat Willie in 1928. Even better, Mickey was a commercial phenomenon away from the box office.

Nearly every organized group on Oahu staked out something to do. Boy Scouts fought fires, served coffee, ran messages. The American Legion turned out for patrol and sentry duty. One Legionnaire struggled into his 1917 uniform, had a dreadful time remembering how to wind his puttees and put on his insignia. He took it out on his wife, and she told him to leave her alone —go out and fight his old enemy, the Germans. The San Jose College football team, in town from California for a benefit game the following weekend, signed up with the Police Department for guard duty. Seven of them joined the force, and Quarterback Paul Tognetti stayed on for good, ultimately going into the dairy business. A local committee, called the Major Disaster Council, had spent months preparing for this kind of day; now their foresight was paying off. Forty-five trucks belonging to American Sanitary Laundry, New Fair Dairy, and other local companies sped off to Hickam as converted ambulances. Dr. Forrest Pinkerton dashed to the Hawaii Electric Company’s refrigerator, collected the plasma stored there by the Chamber of Commerce’s Blood Bank. He piled it in the back of his car, distributed it to various hospitals, then rushed on the air, appealing for more donors. Over 500 appeared within an hour, swamping Dr. John Devereux and his three assistants. They took the blood as fast as they could, ran out of containers, used sterilized Coca-Cola bottles.

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The distribution of billions of dollars in contracts enabled the House of Morgan to win the loyalty of dozens of powerful companies.

Wal-Mart was too small and insignificant for any of the big boys to notice, and most of the promoters weren’t out in our area so we weren’t competitive. That helped me get access to a lot of information about how they were doing things. I probably visited more headquarters offices of more discounters than anybody else—ever. I would just show up and say, “Hi, I’m Sam Walton from Bentonville, Arkansas. We’ve got a few stores out there, and I’d like to visit with Mr. So-and-So”—whoever the head of the company was—“about his business.” And as often as not, they’d let me in, maybe out of curiosity, and I’d ask lots of questions about pricing and distribution, whatever. I learned a lot that way.

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Our Plan is really very simple,” said Tinky Holloway, striving to prove it by the gaily bouncing simplicity of his voice. “We’ll lift all restrictions from the production of steel and every company will produce all it can, according to its ability. But to avoid the waste and danger of dog-eat-dog competition, all the companies will deposit their gross earnings into a common pool, to be known as the Steel Unification Pool, in charge of a special Board. At the end of the year, the Board will distribute these earnings by totaling the nation’s steel output and dividing it by the number of open-hearth furnaces in existence, thus arriving at an average which will be fair to all—and every company will be paid according to its need. The preservation of its furnaces being its basic need, every company will be paid according to the number of furnaces it owns.

Without a sense of purpose,” he explained, “no company, either public or private, can achieve its full potential. It will ultimately lose the license to operate from key stakeholders. It will succumb to short-term pressures to distribute earnings, and, in the process, sacrifice investments in employee development, innovation, and capital expenditures that are necessary for long-term growth.

Amazon follows the same fail-faster religion. Jeff Bezos, founder of the trillion-dollar e-commerce platform, sent the following memo to his shareholders when the company became the fastest ever to reach annual sales of $100 billion: One area where I think we are especially distinctive is failure. I believe we are the best place in the world to fail (we have plenty of practice!), and failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment. Most large organisations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there. Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a 10 per cent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments.

In 2009, an American soldier named Bowe Bergdahl slipped through a gap in the concertina wire at his combat outpost in southern Afghanistan and walked off into the night. He was quickly captured by a Taliban patrol, and his absence triggered a massive search by the US military that put thousands of his fellow soldiers at risk. The level of betrayal felt by soldiers was so extreme that many called for Bergdahl to be tried for treason when he was repatriated five years later. Technically his crime was not treason, so the US military charged him with desertion of his post—a violation that still carries a maximum penalty of death. The collective outrage at Sergeant Bergdahl was based on very limited knowledge but provides a perfect example of the kind of tribal ethos that every group—or country—deploys in order to remain unified and committed to itself. If anything, though, the outrage in the United States may not be broad enough. Bergdahl put a huge number of people at risk and may have caused the deaths of up to six soldiers. But in purely objective terms, he caused his country far less harm than the financial collapse of 2008, when bankers gambled trillions of dollars of taxpayer money on blatantly fraudulent mortgages. These crimes were committed while hundreds of thousands of Americans were fighting and dying in wars overseas. Almost 9 million people lost their jobs during the financial crisis, 5 million families lost their homes, and the unemployment rate doubled to around 10 percent. For nearly a century, the national suicide rate has almost exactly mirrored the unemployment rate, and after the financial collapse, America’s suicide rate increased by nearly 5 percent. In an article published in 2012 in The Lancet, epidemiologists who study suicide estimated that the recession cost almost 5,000 additional American lives during the first two years—disproportionately among middle-aged white men. That is close to the nation’s losses in the Iraq and Afghan wars combined. If Sergeant Bergdahl betrayed his country—and that’s not a hard case to make—surely the bankers and traders who caused the financial collapse did as well. And yet they didn’t provoke nearly the kind of outcry that Bergdahl did. Not a single high-level CEO has even been charged in connection with the financial collapse, much less been convicted and sent to prison, and most of them went on to receive huge year-end bonuses. Joseph Cassano of AIG Financial Products—known as “Mr. Credit-Default Swap”—led a unit that required a $99 billion bailout while simultaneously distributing $1.5 billion in year-end bonuses to his employees—including $34 million to himself. Robert Rubin of Citibank received a $10 million bonus in 2008 while serving on the board of directors of a company that required $63 billion in federal funds to keep from failing. Lower down the pay scale, more than 5,000 Wall Street traders received bonuses of $1 million or more despite working for nine of the financial firms that received the most bailout money from the US goverment.

Casper makes mattresses and distributes them directly to consumers via their website. I was always intrigued with how Casper could be considered a tech company, raising substantial money from Silicon Valley venture capitalists and fetching tech-like valuations in the process. Could there be an industry that feels less like technology than the pile of springs and fabric you sleep on?! But indeed Casper is a tech company. The technology isn’t about the product itself, but about how they acquire customers, how they distribute the product, and ultimately how they make the customers feel throughout the whole process of buying and using the product. Because of technology, they can do it at scale with minimal investment. They use digital engagement strategies to grow incredibly fast. Just five years since their founding, they’re doing nearly $500 million in revenue with fewer than one hundred employees. By contrast, Tempur Sealy, the largest mattress company in the world, employs seven thousand people to generate $2.7 billion in revenue.

PROVEN PATTERN #1: BITS RATHER THAN ATOMS Google and Facebook are largely software businesses that focus on electronic bits rather than material atoms. Bits-based businesses have a much easier time serving a global market, which in turn makes it easier to achieve a large market size. Bits are also far easier to move around than atoms, so bits-based businesses can more easily tap into distribution techniques like virality, and their ability to be highly networked provides more opportunities to leverage network effects. Bits-based businesses tend to be high-gross-margin businesses because they have fewer variable costs. Bits also make it easier to design around growth limiters. You can iterate more quickly on software products (many Internet companies release new software daily) than on physical products, making it faster and cheaper to achieve product/market fit. And

Vision mission: What was the original market or technology insight that led you to create this company? Customers: Who do you envision buying this product or service? Who will use it? Problem statement: What’s the problem you think you can solve for your potential customers? Use cases: What are the specific ways people will use this product or service to solve their problem? Product/solution: Give a detailed explanation of the technology behind the solution—what does it do now, and what else is it capable of doing? Ecosystem: In many cases there are other companies involved in solving the problem or adding additional value. These companies form an ecosystem around the problem and solution. What are all the companies and where in the ecosystem are the control points where one company has leverage? Competition: Who else is trying to solve this problem—or, if no one else sees the problem yet, who might jump in to compete with you to solve the problem once you identify it? Business model: How will your product or service change business for your customers? Will it increase their return on investment or reduce costs in a significant way? Or does it allow them to do something that couldn’t have been done with prior technology, creating huge value? Sales and go-to-market: Enterprise companies should articulate how the product or solution will make its way to the market. Through a sales force? Through distribution partners? Both? For a consumer company, how will users find out about your solution? From app stores? Search? Viral adoption? Growth hacking techniques? Advertising? PR? Organization: How is the company organized? Who are the major influencers on the company? How are decisions made? What kind of culture will work? Funding strategy: What’s the next funding event? A private financing? An IPO? How much runway does the company have before it needs more money and what kind of funding is in place to execute against the category strategy?

In the absence of social goods, ‘profit-first’ economic growth has fed a crony capitalism that serves not the common good but speculators in the ‘liquid economy.’ Collateral banking systems, offshore sites providing fiscal havens for corporate tax avoidance, extracting value from companies to boost the earnings of shareholders at the expense of stakeholders, the smoke-and-mirrors world of derivatives and credit default swaps-all these suck capital from the real economy and undermine a healthy market, creating historically unprecedented levels of inequality. There is a major disjuncture between the awareness of social rights on the one hand and the distribution of actual opportunities on the other. The stupendous rise in inequality of recent decades is not a stage of growth but a brake on it, and the root of many social ills in the twenty-first century. Barely more than one percent of the world’s population owns half of its wealth. A market detached from morality, dazzled by its own complex engineering, which privileges profit and competition above all else, means not just spectacular wealth for a few but also poverty and deprivation for many. Millions are robbed of hope.

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As companies move toward distributed systems, Sybase and competing vendors—such as The ASK Group Inc., Informix Software Inc., and Oracle Corp.—are all offering products similar to System 10 . . . . Here we are in the “safe as milk” category, somewhat ironic in light of subsequent revelations about the limitations of Server 10. The innovations presented here are all continuous—performance, functionality, and capacity—and a number of other mainstream vendors are “all offering products similar” to it. Note the emphasis on company and market issues as opposed to product and technology. All of this speaks to mainstream positioning, either tornado or post-tornado. Since there is not a lot of emphasis on cutthroat competition, which one always expects with tornado products, the conclusion one would draw here is that Sybase 10 is on Main Street. Additional Indicators Beyond press coverage, a second source of clues to market status comes from the behavior of other companies in the infrastructure. Lew Platt at HP, for example, realized that their commercial Unix server business was in the tornado when software vendors were calling him rather than the other way around. Going further, when a tornado is under way, the easiest way to spot the gorilla is to look for the

Erlang himself, working for the Copenhagen Telephone Company in the early twentieth century, used it to model how much time could be expected to pass between successive calls on a phone network. Since then, the Erlang distribution has also been used by urban planners and architects to model car and pedestrian traffic, and by networking engineers designing infrastructure for the Internet. There are a number of domains in the natural world, too, where events are completely independent from one another and the intervals between them thus fall on an Erlang curve. Radioactive decay is one example, which means that the Erlang distribution perfectly models when to expect the next ticks of a Geiger counter. It also turns out to do a pretty good job of describing certain human endeavors—such as the amount of time politicians stay in the House of Representatives.

if you’re a real estate professional, chances are you have some opinions about current interest rates or home-buying trends in your area. You could find a relevant article that talks about those things with an intriguing headline, and layer on a “green screen” with your opinion. If you want more distribution on special press releases and announcements your company makes, you can “green screen” it for extra distribution instead of just posting that content on your blog and letting it sit there.

The presumed strength of patent protection in the United States has been gradually eroding in the face of multiple challenges, including from foreign competitors whose home jurisdictions may not recognize U.S. patent validity. For a startup, protecting and defending against patent infringement can involve expensive litigation that can drag on for years, a kiss of death for a lean startup and a system that now operates in favor of large companies that can afford teams of expensive lawyers. Is there a better way to mitigate the risk of having your idea stolen? Increasingly the answer lies in developing your idea very carefully, testing markets as quietly as possible, and working through your startup’s production and distribution mechanisms in anticipation of an all-in start, one that makes clear your intent to own the market that your innovation is targeting.

The Shwe Byain Phyu Group of Companies founded its first company, Manaw Thitar, In 1996. Manaw Thitar, founded by SBP’s Founder and Chairman Mr. Thein Win Zaw commenced its operation in Yangon by trading and distributing petroleum products with 6 by 1 barge and 3 tank trucks. Since then, SBP has grown to become a wholly family-owned business comprising of several private companies.

SBP is a Myanmar registered petroleum trade company specializing in the import and distribution of petroleum to the private sector. SBP was founded in 1996 and was most recently registered with the Government of Myanmar’s Directorate of Investment and Company Administration on February 27, 2002 under Registration No. 118279247.

The entrepreneurs who stuck with Silicon Valley learned four big lessons from the dot-com crash that still guide business thinking today: 1. Make incremental advances Grand visions inflated the bubble, so they should not be indulged. Anyone who claims to be able to do something great is suspect, and anyone who wants to change the world should be more humble. Small, incremental steps are the only safe path forward. 2. Stay lean and flexible All companies must be “lean,” which is code for “unplanned.” You should not know what your business will do; planning is arrogant and inflexible. Instead you should try things out, “iterate,” and treat entrepreneurship as agnostic experimentation. 3. Improve on the competition Don’t try to create a new market prematurely. The only way to know you have a real business is to start with an already existing customer, so you should build your company by improving on recognizable products already offered by successful competitors. 4. Focus on product, not sales If your product requires advertising or salespeople to sell it, it’s not good enough: technology is primarily about product development, not distribution. Bubble-era advertising was obviously wasteful, so the only sustainable growth is viral growth.

By 1982, it had concluded that even the company’s earlier dire estimates were probably too low. That year, in a corporate document marked “not to be distributed externally” but given “wide circulation to Exxon management,” the company’s scientists concluded that heading off global warming would “require major reductions in fossil fuel combustion.” Otherwise, it concluded, “there are some potentially catastrophic events that must be considered.