Efficient Business Quotes

I live in the Managerial Age, in a world of "Admin." The greatest evil is not now done in those sordid "dens of crime" that Dickens loved to paint. It is not done even in concentration camps and labour camps. In those we see its final result. But it is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voices. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the office of a thoroughly nasty business concern." [From the Preface]

If you want to have a profitable business, you need to have an efficient business.

To deem us simply enemies is to lose the true flavor of our relationship. It was more like the two of us entered into a business partnership in order to more efficiently pursue our mutual interest of hating each other.

Like many business men of genius he learned that free competition was wasteful, monopoly efficient.

In business, efficiency is a prerequisite to profit.

Be a worthy worker and work will come.

Remember your customers appreciate efficiency and convenience and those two become achievable through innovation and willingness to change with time.

A good vision will not just give your employees much-needed direction but also much-valued inspiration to do their work efficiently.

The process of decision-making can become efficient and effective, if the right information is handy on time.

Strategy makes sure that all your resources are used efficiently, that your efforts will convert into the desired outcome and that you are heading in the direction of your goal.

Hiring is not as simple as you think. You have to make sure you are hiring somebody who is going to be a great fit in the kind of employee tribe you’re building.

Securing funds is the first step but managing those funds efficiently and effectively is the most crucial step for your business’ survival as well as growth.

There is no perfect product in the world and there will never be.

Business Efficiency has so many benefits. It leads to greater profits, greater internal leverage, less friction….. but it also leads to less waste, less pollution, and a richer harmony with nature.

Your employees shouldn’t be scared of being let go but you should be scared of them leaving you.

Training looks like a financial loss to many but when your employees learn something new and implement the same for your company, they improve efficiency of your business process which gives you a competitive edge.

We all have a responsibility to be efficient stewards of resources.

The market rewards business leaders for making things more efficient. Efficiency doesn’t love normal people.

The profit motive is the most potent source of collective motivation and the most efficient means for society to solve its problems. Anywhere you insert a profit motive - people will self assemble groups, leverage resources, and implement processes all in the effort to satisfy that profit motive.

In today's global economy, it's essential that businesses efficiently execute on or plug into logistics.

The Americans, who are the most efficient people on the earth, have carried [phrase-making] to such a height of perfection and have invented so wide a range of pithy and hackneyed phrases that they can carry on an amusing and animated conversation without giving a moment’s reflection to what they are saying and so leave their minds free to consider the more important matters of big business and fornication.

One competent go-getter is worth One Hundred incompetent do-nothings. - Kailin Gow, On Hiring a Winning Team

This education has reduced us to a nation of morons; we were strangers to our own culture and camp followers of another culture, feeding on leavings and garbage . . . What about our own roots? . . . I am up against the system, the whole method and approach of a system of education which makes us morons, cultural morons, but efficient clerks for all your business and administration offices.

There are so many ways to add value to peoples lives. But what's also important is monetization. The key is to find that balance where your business is efficiently monetizing the value that it's adding.

Withstanding systemic disruption requires effectiveness over efficiency.

Simply by striving to efficiently utilize all capital everywhere, we will by default solve a multitude of problems in society.

Peter Drucker said, “There is surely nothing quite so useless as doing with great efficiency what should not be done at all.”2

Efficient supply chain management is essential for individual businesses, specific markets, and for the economy as a whole - especially when we're talking about Permaculture Economics. A global economy where products and services are moved from source to destination with maximum efficiency.... That's a win for everyone.

If a business isn’t efficiently utilizing resources, then it’s a bad investment. A wasteful business is an unprofitable business. That may or may not show on their P&L for the current year, but you better believe it shows somewhere.

Profit is good. Profit motivates businesses to be: (a) efficient - to do more with less, to consume fewer resources, to reduce and reuse waste. (b) productive - to allow for bigger profit margins. (c) Valuable - income, and therefore profit is only possible when we add value to our customers lives. When the value of our product or service is worth more to them than what it cost us to provide it, we profit.

Blockchain technology is critical to making supply chains more efficient.

Managing a business does not require any genius. The main qualification is the ability to identify and deliver value to a group of people consistently and efficiently at the highest price point acceptable to them. Everything else can be hired out.

When you make something, when you improve something, when you deliver something, when you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is—you’re participating more fully in the whole grand human drama. More than simply alive, you’re helping others to live more fully, and if that’s business, all right, call me a businessman. Maybe it will grow on me. THERE

When we look at supply chains and distribution in nature, we see that natural systems include an abundance of nodes in a network. Distribution is widely spread - enough to include the maximum nodes feasible yet not enough to add unnecessary time or cost to the path a thing takes from source to destination. This maximizes efficiency, and minimizes the risk of congestion and bottle-necks.

Efficiency is a major key to business success. It’s good when a business can do more with less. Not out of scarcity but out of efficiency. When a business does more with less, the result is more revenues produced from less investment… More revenues produced with less expenses… more customers attracted with less marketing activity…. More savings with less trade-off… Businesses that do more with less are rewarded with greater profits and greater capital.

Whereas gross revenue speaks more to a businesses pricing power and scale, net income speaks more to it's efficiency and operations.

In order for a business to scale, it has to improve efficiencies. Efficiency is a prerequisite for sustainable scaling.

Blockchain technology has a lot of potential in service of the efficient utilization of capital.

The weird thing is that the more efficient, on task, on goal you are with your time, the more energy you have. Working with no traction, or for that matter simply wasting a day, does not relax you, it drains you.// Strange as it may seem, when you work a daily plan in pursuit of your written goals that flow from your mission statement born of your vision for living your dreams, you are energized after a tough long day.

In terms of systems design; ovals, circles and hexagons are more efficient than rectangles, squares and straight lines — Thats something to consider when designing supply chain systems.

This fantasy that it is possible to fish sustainably, legally, and using workers with contracts, making a living wage, and still deliver a five-ounce can of skipjack tuna for $2.50 that ends up on the grocery shelf only days after the fish was pulled from the water thousands of mi,es away. Prices that low and efficiencies that tight come with hidden costs, and it is the manning agencies that help in the hiding.

My regrets: how many years I bruised people with my fragmented, anxious presence. How many moments of connection I missed - too busy, too tired, too frantic and strung out on the drug of efficiency.

Waste is antithetical to efficiency. You cannot have one while also having the other. In maximizing one, the other will definitely be minimized. In minimizing one, the other will definitely be maximized.

The U.S. government needs to learn from successful private businesses that run an effective and efficient operation in serving their customers and outwitting their competitors.

students who were told to think about the happiest day of their lives right before taking a standardized math test outperformed their peers.19 And people who expressed more positive emotions while negotiating business deals did so more efficiently and successfully than those who were more neutral or negative.

In the new American ghetto, the nightmare engine is bubble economics, a kind of high-tech casino scam that kills neighborhoods just like dope does, only the product is credit, not crack or heroin. It concentrates the money of the population in just a few hands with brutal efficiency, just like narco-business, and just as in narco-business the product itself, debt, steadily demoralizes the customer to the point where he’s unable to prevent himself from being continually dominated.

Hustle is to business success what fossil fuels are to civilization. It's extremely important in the beginning, but eventually you gotta upgrade to something more efficient and something more sustainable.

In terms of permaculture design in business, ethics are really important. In this design approach, we design for sustainability and efficiency and growth. And we also design for equity and wellbeing. Everything matters. It's a holistic approach.

We've always done it this way" is invalid when that way hasn't led to more life, greater growth, or maximum efficiency. Take that how you will...business, personally, church, or family. Complacency is too easy to breed, and already has one foot in the grave.

Profit is good. Profit compells people to be: (a) efficient - to do more with less, to consume fewer resources, to reduce and reuse waste. (b) productive - to allow for bigger profit margins. (c) Valuable - income, and therefore profit is only possible when we add value to our customers lives. When the value of our product or service is worth more to them than what it cost us to provide it, we profit. And there’s no scarcity of possible profits. Every business should be profiting. When every business is profiting, that’s a lot of increased value going around.

In nature, waste does not exist. There is only production and consumption; there is only creation and utilization. Everything that's produced is efficiently consumed. Everything that's created is efficiently utilized. And this cyclicality results in growth and in profit. The same should be true of each business, and the same should be true of an economy.

As a species, we need to achieve efficiency in the production, distribution, and consumption of goods and services on a planetary scale.

One way businesses become more efficient is when technology allows employees to simplify tasks.

Every problem that exists in the world exists at least in part because capital was not efficiently allocated.

Efficient capital allocation is all about flow.

What keeps an economy alive is the continuous and efficient allocation of capital.

When society as a whole begins to efficiently utilize all capital everywhere on a global scale and and make all capital everywhere maximally productive on a global scale — most if not all of our global scale social problems will be solved.

Those who favor a “grand plan” over experimentation fail to understand the role that failed experiments play in creating progress in society. Failures quickly and efficiently signal what doesn’t work, minimizing waste and redirecting scarce resources to what does work. A market economy is an experimental discovery process, in which business failures are inevitable and any attempt to eliminate them only ensures even greater failures.

Biomimicry is known for its design applications. But biomimicry also has an abundance of business applications. When businesses learn from nature and apply what they learn; the results include greater efficiency and more profit, among other things.

More importantly, our software worked. I don't just mean that it didn't bump, or that it performed according to the written specifications, or that it was efficient in producing reports. It really worked

If we want a circular economy; a permaculture economy - we need to design decay into products and processes as opposed to disposability. Manufacturers should design materials and products to programmatically biodegrade back into an economic ecosystem. This will allow for more efficient upcycling and the cultivation of various business opportunities in the process.

Studies have shown that performance gets worse as group size increases: groups of nine generate fewer and poorer ideas compared to groups of six, which do worse than groups of four. The “evidence from science suggests that business people must be insane to use brainstorming groups,” writes the organizational psychologist Adrian Furnham. “If you have talented and motivated people, they should be encouraged to work alone when creativity or efficiency is the highest priority.” The one exception to this is online brainstorming.

Cloud first software architecture is critical to designing efficient systems. All the hardware need to be capable of the most sophisticated things and then we can focus our attention on improving software capabilities.

...certain business leaders mistakenly believe that time on-task equates with task completion and productivity. Even in the industrial era of rote factory work, this was untrue. It is a misguided fallacy, and an expensive one, too.

No, markets weren’t “efficient” at finding the truth; they were just very efficient at converging on a conclusion—often the wrong conclusion.

True efficiency is taking some time to be fully first thing in the morning. Rushing isn’t always efficient.

Each design is a proposed business solution — a hypothesis. Your goal is to validate the proposed solution as efficiently as possible by using customer feedback.

When you make something, when you improve something, when you deliver something, when you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is—you’re participating more fully in the whole grand human drama. More than simply alive, you’re helping others to live more fully, and if that’s business, all right, call me a businessman.

As a business owner you should never mix business income with personal income and never mix business expenses with personal expenses. Your business is a separate entity with a life of its own. Your job is to lead and manage that separate entity, not to entangle with it. Entangling with your business will result in chaos. But keeping business and personal separate will facilitate efficiency and reduce stress.

...Why are corporations so fleeting?...Instead of imitating the freewheeling city, these businesses minimize the very interactions that lead to new ideas. They erect walls and establish hierarchies. They keep people from relaxing and having insights. They stifle conversations, discourage dissent, and suffocate social networks. Rather than maximizing employee creativity they become obsessed with minor efficiencies.

I am up against the system, the whole method & approach of a system of education which makes us morons, cultural morons, but efficient clerks for all your business and administrative offices. This education had reduced us to a nation of morons; we were strangers to our own culture and camp followers of another culture, feeding on leavings & garbage...

What does economic growth actually mean? It means more consumption – and consumption of a specific kind: more consumption of goods and services that are exchanged for money. That means that if people stop caring for their own children and instead pay for childcare, the economy grows. The same if people stop cooking for themselves and purchase restaurant takeaways instead. Economists say this is a good thing. After all, you wouldn’t pay for childcare or takeaway food if it weren’t of benefit to you, right? So, the more things people are paying for, the more benefits are being had. Besides, it is more efficient for one daycare centre to handle 30 children than for each family to do it themselves. That’s why we are all so much richer, happier and less busy than we were a generation ago. Right?

When we hold onto fear and pain after something traumatic has passed, we do it as a sort of safety net. We falsely believe that if we constantly remind ourselves of all the terrible things that we didn’t see coming, we can avoid them. Not only does this not work, but it also makes you less efficient at responding to them if they do. Because most of the time, you’re so busy worrying about monsters in the closet, you forget to address the actual things that will erode you over time: your health, your relationships, your long-term vision, your finances, your thoughts.

The Profit function: Individual profits cause collective growth and prosperity. It is necessary for individual people and businesses to profit in a Permaculture Economy where justice is maintained and fairly applied. Profits are earned when efficiency is mastered. With profits, individuals invest in (a) new and innovative means of production which will allow more profits, or (b) buying products and services from other individuals who are also seeking profit by providing value. Profits also incentivize individuals to be productive participants in society to begin with. If there will be no profit in an activity, business or industry, then individuals will decline participation in that activity, business or industry. Since profits are only possible when buyers are satisfied with the productivity of sellers, then it is also true that an individuals willingness to participate in an activity, business or industry is preceded by the buyers satisfaction which allows the seller to profit. But when buyers are dissatisfied and decline participation, it forces sellers to decline participation. Inversely, if profits are eradicated through the force of price-controls by the government, then sellers will decline participation which then causes buyers to decline participation. And when both sellers and buyers decline participation, then whole industries and economies collapse.

Individual profits cause collective growth and prosperity. It is necessary for individual people, businesses, and companies to profit, in a Permaculture Economy where justice is maintained and fairly applied. Profits are earned when efficiency is mastered. With profits, individuals invest in (a) new and innovative means of production which will allow more profits, or (b) they use profits to buy products or services from other individuals who are also seeking profit by providing value. Profits also incentivize individuals to be productive to begin with. If there will be no profit in an activity, business or industry, then individuals will decline participation. Since profits are only possible when buyers are satisfied with the productivity of sellers, then it is also true that an individual's willingness to participate in an activity, business or industry is preceded by the buyers satisfaction which allows them to profit. So, when buyers decline participation it forces sellers to decline participation. Inversely, if profits are removed through force of price controls by the government, then sellers will decline participation which then causes buyers to decline participation.

In terms of systems design, shapes are important. Rectangles are not common in nature. That's probably because from a systems design perspective, rectangles often degrade efficiency instead of contributing to efficiency. Yet humans have designed an entire supply chain system based on rectangles, squares and straight lines. If we want to be more efficient, we should replace those rectangles, squares and straight lines with ovals, circles and hexagons. And maybe some other nature inspired geometries.

Businesses are better positioned in cities that prioritize sustainability. For example, business leaders look at the architectural environment - whether or not the buildings in the city designed for efficiency and resiliency. Business leaders look at energy - whether or not solar and other renewable energy sources are designed into the city's systems. And business leaders look at a variety of other factors regarding sustainability when they're deciding where to establish or relocate a business. So cities that prioritize sustainable development are positioning themselves to be hubs of business success.

Are engineers better at business than business people? It’s debatable. Business people certainly seems to have bigger houses, drive fancier cars, wear nicer clothes and have better looking mates. Engineers lack the time management skills to spend that kind of money. They waste all their time inventing ways to make the most money in the quickest, most efficient way possible. And then when they figure it out, they optimize the process.

The word “coherence” literally means holding or sticking together, but it is usually used to refer to a system, an idea, or a worldview whose parts fit together in a consistent and efficient way. Coherent things work well: A coherent worldview can explain almost anything, while an incoherent worldview is hobbled by internal contradictions. … Whenever a system can be analyzed at multiple levels, a special kind of coherence occurs when the levels mesh and mutually interlock. We saw this cross-level coherence in the analysis of personality: If your lower-level traits match up with your coping mechanisms, which in turn are consistent with your life story, your personality is well integrated and you can get on with the business of living. When these levels do not cohere, you are likely to be torn by internal contradictions and neurotic conflicts. You might need adversity to knock yourself into alignment. And if you do achieve coherence, the moment when things come together may be one of the most profound of your life. … Finding coherence across levels feels like enlightenment, and it is crucial for answering the question of purpose within life. People are multilevel systems in another way: We are physical objects (bodies and brains) from which minds somehow emerge; and from our minds, somehow societies and cultures form. To understand ourselves fully we must study all three levels—physical, psychological, and sociocultural. There has long been a division of academic labor: Biologists studied the brain as a physical object, psychologists studied the mind, and sociologists and anthropologists studied the socially constructed environments within which minds develop and function. But a division of labor is productive only when the tasks are coherent—when all lines of work eventually combine to make something greater than the sum of its parts. For much of the twentieth century that didn’t happen — each field ignored the others and focused on its own questions. But nowadays cross-disciplinary work is flourishing, spreading out from the middle level (psychology) along bridges (or perhaps ladders) down to the physical level (for example, the field of cognitive neuroscience) and up to the sociocultural level (for example, cultural psychology). The sciences are linking up, generating cross-level coherence, and, like magic, big new ideas are beginning to emerge. Here is one of the most profound ideas to come from the ongoing synthesis: People gain a sense of meaning when their lives cohere across the three levels of their existence.

I believe in Chipotle. They have great tasting and nutritious food. And they're also a great case study for business efficiency and business resiliency. The company has no long term debt, a loyal customer base, it owns and operates all of it's stores, it has a clear business model and a clear growth path. They've got good company culture and they live by a set of values that earn the respect of their customers. In so many ways Chipotle is superior to it's peers in the restaurant industry.

I believe that a new philosophy will be created by those who were born after Hiroshima which will dramatically change the human condition. It will have these characteristics: (1) It will be scientific in essence and science-fiction in style. (2) It will be based on the expansion of consciousness, understanding and control of the nervous system, producing a quantum leap in intellectual efficiency and emotional equilibrium. (3) Politically it will stress individualism, decentralization of authority, a Iive-and-let-Iive tolerance of difference, local option and a mind-your-own-business libertarianism. (4) It will continue the trend towards open sexual expression and a more honest, realistic acceptance of both the equality of and the magnetic difference between the sexes. The mythic religious symbol will not be a man on a cross but a man-woman pair united in higher love communion. (5) It will seek revelation and Higher Intelligence not in formal rituals addressed to an anthropomorphic deity, but within natural processes, the nervous system, the genetic code, and without, in attempts to effect extra-planetary communication. (6) It will include practical, technical neurological psychological procedures for understanding and managing the intimations of union-immortality implicit in the dying process. (7) The emotional tone of the new philosophy will be hedonic, aesthetic, fearless, optimistic, humorous, practical, skeptical, hip. We are now experiencing a quiescent preparatory waiting period. Everyone knows something is going to happen. The seeds of the Sixties have taken root underground. The blossoming is to come.

It is one thing when prices drift downward over time due to innovation, scalability or other efficiencies. This might be considered “good” deflation and is familiar to any contemporary consumer who has seen prices of computers or wide-screen TVs fall year after year. It is another matter when prices are forced down by unnecessary monetary contraction, credit constraints, deleveraging, business failures, bankruptcies and mass unemployment. This may be considered “bad” deflation. This bad deflation was exactly what was required in order to return the most important currencies to their prewar parity with gold.

Every telecomm company is as big a corporate welfare bum as you could ask for. Try to imagine what it would cost at market rates to go around to every house in every town in every country and pay for the right to block traffic and dig up roads and erect poles and string wires and pierce every home with cabling. The regulatory fiat that allows these companies to get their networks up and running is worth hundreds of billions, if not trillions, of dollars. If phone companies want to operate in the “free market,” then let them: the FCC could give them 60 days to get all their rotten copper out of our dirt, or we’ll buy it from them at the going scrappage rates. Then, let’s hold an auction for the right to be the next big telecomm company, on one condition: in exchange for using the public’s rights-of-way, you have to agree to connect us to the people we want to talk to, and vice-versa, as quickly and efficiently as you can.

But if we go in for reservations on communal and caste basis, we swamp the bright and able people and remain second-rate or third-rate. I am grieved to learn of how far this business of reservation has gone based on communal considerations. It has amazed me to learn that even promotions are based sometimes on communal or caste considerations. This way lies not only folly, but disaster. Let us help the backward groups by all means, but never at the cost of efficiency.

Traditional corporations, particularly large-scale service and manufacturing businesses are organized for efficiency. Or consistency. But not joy. Joy comes from surprise and connection and humanity and transparency and new...If you fear special requests, if you staff with cogs, if you have to put it all in a manual, then the chances of amazing someone are really quite low. These organizations have people who will try to patch problems over after the fact, instead of motivated people eager to delight on the spot. The alternative, it seems, is to organize for joy. These are the companies that give their people the freedom (and the expectation) that they will create, connect and surprise. These are the organizations that embrace someone who make a difference, as opposed to searching the employee handbook for a rule that was violated.

I read these biographies all the time about these successful people and one of the patterns that I've discovered, and what I've discovered in myself and all of my friends who have become very successful, has been the fact that they say "Yes" to a lot of commitments. If you just have this one goal, then that one thing may get shoved under the rug and procrastinated on. But if you say yes to a lot of things; if you almost overcommit, then you probably won't get all of the things you've committed to complete. But you'll get a good portion of them. The 80% that you DO get done will still be more than that one person who said no to a lot of things. The busiest people get the most things done.

How long are you going to wait for this guy?” I’m thrown by his sudden shift. “Ah . . . I don’t know.” “Give me your keys.” “What?” “Give me your keys. I’m going to change your tire while we’re waiting.” I fish in my purse and come up with a handful of keys. “You’re going to—” “Stay in the car.” He grabs the keys and practically yanks them out of my fingers. Then he slams the door in my face. I watch him in the path of his headlights, mystified. He opens my trunk, and, moments later, emerges with the spare tire. He lays it beside the car, then pulls something else from the darkened space. I’ve never changed a tire, so I have no idea what he’s doing. His movements are quick and efficient, though. I shouldn’t be sitting here, just watching, but I can’t help myself. There’s something compelling about him. Dozens of cars have passed, but he was the only one to stop—and he’s helping me despite the fact that I’ve been less than kind to him all night. He gets down on the pavement—on the wet pavement, in the rain—and slides something under the car. A hand brushes wet hair off his face. I can’t sit here and watch him do this. He doesn’t look at me when I approach. “I told you to wait in the car.” “So you’re one of those guys? Thinks the ‘little woman’ should wait in the car?” “When the little woman doesn’t know her tires are bald and her battery could barely power a stopwatch?” He attaches a steel bar to . . . something . . . and starts twisting it. “Yeah. I am.” My pride flinches. “So what are you saying?” I ask, deadpan. “You don’t want my help?” His smile is rueful. “You’re kind of funny when you’re not so busy being judgmental.” “You’re lucky I’m not kicking you while you’re down there.” He loses the smile but keeps his eyes on whatever he’s doing. “Try it, sister.

A CRUNCHY CON MANIFESTO 1. We are conservatives who stand outside the conservative mainstream; therefore, we can see things that matter more clearly. 2. Modern conservatism has become too focused on money, power, and the accumulation of stuff, and insufficiently concerned with the content of our individual and social character. 3. Big business deserves as much skepticism as big government. 4. Culture is more important than politics and economics. 5. A conservatism that does not practice restraint, humility, and good stewardship—especially of the natural world—is not fundamentally conservative. 6. Small, Local, Old, and Particular are almost always better than Big, Global, New, and Abstract. 7. Beauty is more important than efficiency. 8. The relentlessness of media-driven pop culture deadens our senses to authentic truth, beauty, and wisdom. 9. We share Russell Kirk's conviction that "the institution most essential to conserve is the family.

Many historians, many sociologists and psychologists have written at lenght, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can be hardly expected to flourish in societies where political and economic power is being progressively concentrated and centralized.But the progress of technology has led and is still leading to just such a concentration and centralisation of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive - and so less available to the eterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has grobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State - that is to say, by small group of party leaders and soldiers, policemen and civil servants who carry out their orders.

In a nutshell, I was looking for meaningful work and meaningful relationships. I quickly learned that the best way to do that was to have great partnerships with great people. To me, great partnerships come from sharing common values and interests, having similar approaches to pursuing them, and being reasonable with, and having consideration for, each other. At the same time, partners must be willing to hold each other to high standards and work through their disagreements. The main test of a great partnership is not whether the partners ever disagree—people in all healthy relationships disagree—but whether they can bring their disagreements to the surface and get through them well. Having clear processes for resolving disagreements efficiently and clearly is essential for business partnerships, marriages, and all other forms of partnership

A home that nourishes life embraces the little moments and appreciates the rhythmic seasons of life, including the time necessary to cook real food from scratch...It doesn't have to take too much time, however, with efficient menu planning and wisely planned trips to the grocery store and farmers' market. The payoffs are astronomical - better health, good stewardship of our environment, and setting a good example for our children are just a few of the benefits. It also fosters an appreciation of the ebbs and flows of seasons because you'll be using fresh ingredients that are more readily available (and of higher quality) when they are in season. If you feel too busy to cook from scratch, then I argue that you're too busy, period. Reevaluate your priorities and commitments. If you want to live a healthy, long life and to pass the same luxury on to your children, then you MUST take the time to cook real food

It seems wrong to call it "business". It seems wrong to throw all those hectic days and sleepless nights, all those magnificent triumphs and desperate struggles, under that bland, generic banner: business. What we were doing felt like so much more. Each new day brought fifty new problems, fifty tough decisions that needed to be made, right now, and we were always acutely aware that one rash move, one wrong decision could be the end. The margin for error was forever getting narrower, while the stakes were forever creeping higher–and none of us wavered in the belief that "stakes" didn't mean "money". For some, I realize, business is the all-out pursuit of profits, period, full stop, but for use business was no more about making money than being human is about making blood. Yes, the human body needs blood. It needs to manufacture red and white cells and platelets and redistribute them evenly, smoothly, to all the right places, on time, or else. But that day-to-day of the human body isn't our mission as human beings. It's a basic process that enables our higher aims, and life always strives to transcend the basic processes of living–and at some point in the late 1970s, I did, too. I redefined winning, expanded it beyond my original definition of not losing, of merely staying alive. That was no longer enough to sustain me, or my company. We wanted, as all great business do, to create, to contribute, and we dared to say so aloud. When you make something, when you improve something, when you deliver something, when you add some new thing or service to the life of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is–you're participating more fully in the whole grand human drama. More than simply alive, you're helping other to live more fully, and if that's business, all right, call me a businessman.

While making money was good, having meaningful work and meaningful relationships was far better. To me, meaningful work is being on a mission I become engrossed in, and meaningful relationships are those I have with people I care deeply about and who care deeply about me. Think about it: It’s senseless to have making money as your goal as money has no intrinsic value—its value comes from what it can buy, and it can’t buy everything. It’s smarter to start with what you really want, which are your real goals, and then work back to what you need to attain them. Money will be one of the things you need, but it’s not the only one and certainly not the most important one once you get past having the amount you need to get what you really want. When thinking about the things you really want, it pays to think of their relative values so you weigh them properly. In my case, I wanted meaningful work and meaningful relationships equally, and I valued money less—as long as I had enough to take care of my basic needs. In thinking about the relative importance of great relationships and money, it was clear that relationships were more important because there is no amount of money I would take in exchange for a meaningful relationship, because there is nothing I could buy with that money that would be more valuable. So, for me, meaningful work and meaningful relationships were and still are my primary goals and everything I did was for them. Making money was an incidental consequence of that. In the late 1970s, I began sending my observations about the markets to clients via telex. The genesis of these Daily Observations (“ Grains and Oilseeds,” “Livestock and Meats,” “Economy and Financial Markets”) was pretty simple: While our primary business was in managing risk exposures, our clients also called to pick my brain about the markets. Taking those calls became time-consuming, so I decided it would be more efficient to write down my thoughts every day so others could understand my logic and help improve it. It was a good discipline since it forced me to research and reflect every day. It also became a key channel of communication for our business. Today, almost forty years and ten thousand publications later, our Daily Observations are read, reflected on, and argued about by clients and policymakers around the world. I’m still writing them, along with others at Bridgewater, and expect to continue to write them until people don’t care to read them or I die.

In a mass society where obtaining credit is as easy as it is, there’s probably no way to efficiently collect on delinquent accounts by writing real affidavits, filing legitimate, error-free lawsuits, and serving legitimate summonses in each and every individual case. Without the shortcuts, it doesn’t work. So techniques like robo-signing and sewer service are essential to the profitability of the business. Plenty of people—consumers and merchants both—are probably glad that so much credit is available, but they don’t realize that systematic fraud is part of what makes it available. Legally, there’s absolutely no difference between a woman on welfare who falsely declares that her boyfriend no longer lives in the home and a bank that uses a robo-signer to cook up a document swearing that he has kept regular records of your credit card account. But morally and politically, they’re worlds apart. When the state brings a fraud case against a welfare mom, it brings it with disgust, with rage, because in addition to committing the legal crime, she’s committed the political crime of being needy and an eyesore. Banks commit the legal crime of fraud wholesale; they do so out in the open, have entire departments committed to it, and have employees who’ve spent years literally doing nothing but commit, over and over again, the same legal crime that some welfare mothers go to jail for doing once. But they’re not charged, because there’s no political crime. The system is not disgusted by the organized, mechanized search for profit. It’s more like it’s impressed by it.

May 28, 1877 As I don’t believe in sending letters filled with treacle-like sentiment, I feel as if I should…send you a puppy or something. Alas. I don’t know if puppies keep when sent through the mails—and I doubt they’d pass through customs these days. It’s too bad you aren’t a pirate, as you’d once planned. That would make puppy delivery far more efficient. I’d bring up my own ship next to you and send you an entire broadside of puppies. You’d be buried in very small dogs. You’d be far too busy with puppy care to worry about anything else. This is now sounding more and more invasive, and less and less cheering—and nonetheless I have yet to meet anyone who was not delighted by a wriggling mass of puppies. If I ever did meet such a person, he would deserve misery. Do not doubt the power of the puppy-cannon. Edward P.S. If there is no puppy attached to this message, it is because it was confiscated by customs. Bah. Customs is terrible

You perform at your highest potential only when you are focusing on the most valuable use of your time. This is the key to personal and business success. It is the central issue in personal efficiency and time management. You must always be asking yourself, What is the most valuable use of my time right now? Discipline yourself to work exclusively on the one task that, at any given time, is the answer to this question. Keep yourself on track and focused on your most important responsibilities by asking yourself, over and over, What is the most valuable use of my time right now? How you can apply this law immediately: 1. Remember that you can do only one thing at a time. Stop and think before you begin. Be sure that the task you do is the highest-value use of your time. Remind yourself that anything else you do while your most important task remains undone is a relative waste of time. 2. Be clear about the most valuable work that you do for your organization. Whatever it is, resolve to concentrate on doing that specific task before anything else. Why are you on the payroll? What specific, tangible, measurable results are expected of you? And of all the different results you are capable of achieving, which are the most important to your career at this moment? Whatever the answer, this is where you must focus your energies, and nowhere else.

For some, I realize, business is the all-out pursuit of profits, period, full stop, but for us business was no more about making money than being human is about making blood. Yes, the human body needs blood. It needs to manufacture red and white cells and platelets and redistribute them evenly, smoothly, to all the right places, on time, or else. But that day-to-day business of the human body isn’t our mission as human beings. It’s a basic process that enables our higher aims, and life always strives to transcend the basic processes of living—and at some point in the late 1970s, I did, too. I redefined winning, expanded it beyond my original definition of not losing, of merely staying alive. That was no longer enough to sustain me, or my company. We wanted, as all great businesses do, to create, to contribute, and we dared to say so aloud. When you make something, when you improve something, when you deliver something, when you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is—you’re participating more fully in the whole grand human drama. More than simply alive, you’re helping others to live more fully, and if that’s business, all right, call me a businessman. Maybe it will grow on me. THERE

So identified has the State become in the public mind with the provision of these services that an attack on State financing appears to many people as an attack on the service itself. Thus if one maintains that the State should not supply court services, and that private enterprise on the market could supply such service more efficiently as well as more morally, people tend to think of this as denying the importance of courts themselves. The libertarian who wants to replace government by private enterprises in the above areas is thus treated in the same way as he would be if the government had, for various reasons, been supplying shoes as a tax-financed monopoly from time immemorial. If the government and only the government had had a monopoly of the shoe manufacturing and retailing business, how would most of the public treat the libertarian who now came along to advocate that the government get out of the shoe business and throw it open to private enterprise? He would undoubtedly be treated as follows: people would cry, “How could you? You are opposed to the public, and to poor people, wearing shoes! And who would supply shoes to the public if the government got out of the business? Tell us that! Be constructive! It’s easy to be negative and smart-alecky about government; but tell us who would supply shoes? Which people? How many shoe stores would be available in each city and town? How would the shoe firms be capitalized? How many brands would there be? What material would they use? What lasts? What would be the pricing arrangements for shoes? Wouldn’t regulation of the shoe industry be needed to see to it that the product is sound? And who would supply the poor with shoes? Suppose a poor person didn’t have the money to buy a pair?” These questions, ridiculous as they seem to be and are with regard to the shoe business, are just as absurd when applied to the libertarian who advocates a free market in fire, police, postal service, or any other government operation. The point is that the advocate of a free market in anything cannot provide a “constructive” blueprint of such a market in advance. The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.

if consumer demand should increase for the goods or services of any private business, the private firm is delighted; it woos and welcomes the new business and expands its operations eagerly to fill the new orders. Government, in contrast, generally meets this situation by sourly urging or even ordering consumers to “buy” less, and allows shortages to develop, along with deterioration in the quality of its service. Thus, the increased consumer use of government streets in the cities is met by aggravated traffic congestion and by continuing denunciations and threats against people who drive their own cars. The New York City administration, for example, is continually threatening to outlaw the use of private cars in Manhattan, where congestion has been most troublesome. It is only government, of course, that would ever think of bludgeoning consumers in this way; it is only government that has the audacity to “solve” traffic congestion by forcing private cars (or trucks or taxis or whatever) off the road. According to this principle, of course, the “ideal” solution to traffic congestion is simply to outlaw all vehicles! But this sort of attitude toward the consumer is not confined to traffic on the streets. New York City, for example, has suffered periodically from a water “shortage.” Here is a situation where, for many years, the city government has had a compulsory monopoly of the supply of water to its citizens. Failing to supply enough water, and failing to price that water in such a way as to clear the market, to equate supply and demand (which private enterprise does automatically), New York’s response to water shortages has always been to blame not itself, but the consumer, whose sin has been to use “too much” water. The city administration could only react by outlawing the sprinkling of lawns, restricting use of water, and demanding that people drink less water. In this way, government transfers its own failings to the scapegoat user, who is threatened and bludgeoned instead of being served well and efficiently. There has been similar response by government to the ever-accelerating crime problem in New York City. Instead of providing efficient police protection, the city’s reaction has been to force the innocent citizen to stay out of crime-prone areas. Thus, after Central Park in Manhattan became a notorious center for muggings and other crime in the night hours, New York City’s “solution” to the problem was to impose a curfew, banning use of the park in those hours. In short, if an innocent citizen wants to stay in Central Park at night, it is he who is arrested for disobeying the curfew; it is, of course, easier to arrest him than to rid the park of crime. In short, while the long-held motto of private enterprise is that “the customer is always right,” the implicit maxim of government operation is that the customer is always to be blamed.

[There is] no direct relationship between IQ and economic opportunity. In the supposed interests of fairness and “social justice”, the natural relationship has been all but obliterated. Consider the first necessity of employment, filling out a job application. A generic job application does not ask for information on IQ. If such information is volunteered, this is likely to be interpreted as boastful exaggeration, narcissism, excessive entitlement, exceptionalism [...] and/or a lack of team spirit. None of these interpretations is likely to get you hired. Instead, the application contains questions about job experience and educational background, neither of which necessarily has anything to do with IQ. Universities are in business for profit; they are run like companies, seek as many paying clients as they can get, and therefore routinely accept people with lukewarm IQ’s, especially if they fill a slot in some quota system (in which case they will often be allowed to stay despite substandard performance). Regarding the quotas themselves, these may in fact turn the tables, advantaging members of groups with lower mean IQ’s than other groups [...] sometimes, people with lower IQ’s are expressly advantaged in more ways than one. These days, most decent jobs require a college education. Academia has worked relentlessly to bring this about, as it gains money and power by monopolizing the employment market across the spectrum. Because there is a glut of college-educated applicants for high-paying jobs, there is usually no need for an employer to deviate from general policy and hire an applicant with no degree. What about the civil service? While the civil service was once mostly open to people without college educations, this is no longer the case, and quotas make a very big difference in who gets hired. Back when I was in the New York job market, “minorities” (actually, worldwide majorities) were being spotted 30 (thirty) points on the civil service exam; for example, a Black person with a score as low as 70 was hired ahead of a White person with a score of 100. Obviously, any prior positive correlation between IQ and civil service employment has been reversed. Add to this the fact that many people, including employers, resent or feel threatened by intelligent people [...] and the IQ-parameterized employment function is no longer what it was once cracked up to be. If you doubt it, just look at the people running things these days. They may run a little above average, but you’d better not be expecting to find any Aristotles or Newtons among them. Intelligence has been replaced in the job market with an increasingly poor substitute, possession of a college degree, and given that education has steadily given way to indoctrination and socialization as academic priorities, it would be naive to suppose that this is not dragging down the overall efficiency of society. In short, there are presently many highly intelligent people working very “dumb” jobs, and conversely, many less intelligent people working jobs that would once have been filled by their intellectual superiors. Those sad stories about physics PhD’s flipping burgers at McDonald's are no longer so exceptional. Sorry, folks, but this is not your grandfather’s meritocracy any more.