World Entrepreneurs Day Quotes

It was a splendid population - for all the slow, sleepy, sluggish-brained sloths stayed at home - you never find that sort of people among pioneers - you cannot build pioneers out of that sort of material. It was that population that gave to California a name for getting up astounding enterprises and rushing them through with a magnificent dash and daring and a recklessness of cost or consequences, which she bears unto this day - and when she projects a new surprise the grave world smiles as usual and says, "Well, that is California all over.

One of the newest figures to emerge on the world stage in recent years is the social entrepreneur. This is usually someone who burns with desire to make a positive social impact on the world, but believes that the best way of doing it is, as the saying goes, not by giving poor people a fish and feeding them for a day, but by teaching them to fish, in hopes of feeding them for a lifetime. I have come to know several social entrepreneurs in recent years, and most combine a business school brain with a social worker's heart. The triple convergence and the flattening of the world have been a godsend for them. Those who get it and are adapting to it have begun launching some very innovative projects.

Every entrepreneur begins with a desire and a vision. Along the way, one inevitably encounters the difficulties of manifesting one’s vision in the world. But that’s part of the journey. It isn’t easy, but with one step at a time and one day at a time, you will get there.

With the world now a global village, your vision has to transcend different races and faces in different places around the world.

Out of respect for the love of liberty shown by the Chinese people, and also in the belief that the future of the world lies with the yellow man and the brown man now that our erstwhile master, the white-skinned man, has wasted himself through buggery, cell phone usage, and drug abuse, I offer to tell you, free of charge, the truth about Bangalore. "By telling you my life's story. "See, when you come to Bangalore, and stop at a traffic light, some boy will run up to your car and knock on your window, while holding up a bootlegged copy of an American business book wrapped carefully in cellophane and with a title like: TEN SECRETS OF BUSINESS SUCCESS! or BECOME AN ENTREPRENEUR IN SEVEN EASY DAYS! "Don't waste your money on those American books. They're so yesterday. "I am tomorrow.

If you want to build a truly great company you have got to ride a really big wave. And you’ve got to be able to look at market waves and technology waves in a different way than other folks and see it happening sooner, know how to position yourself out there, prepare yourself, pick the right surfboard—in other words, bring the right management team in, build the right platform underneath you. Only then can you ride a truly great wave. At the end of the day, without that great wave, even if you are a great entrepreneur, you are not going to build a really great business.

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If you’re risk averse and have some doubts about the feasibility of your ideas, it’s likely that your business will be built to last. If you’re a freewheeling gambler, your startup is far more fragile.

(Later in my journey I was told of an outrageous but apparently successful attempt to bring tourists to Great Nicobar. During the monsoon torrential rain comes down spectacularly. A bright Indian entrepreneur advertised a tour for rich Arabs from the arid Gulf who could sit on their hotel balcony and watch rain for a week. It was a sell-out.)

Over the years I have read many, many books about the future, my ‘we’re all doomed’ books, as Connie liked to call them. ‘All the books you read are either about how grim the past was or how gruesome the future will be. It might not be that way, Douglas. Things might turn out all right.’ But these were well-researched, plausible studies, their conclusions highly persuasive, and I could become quite voluble on the subject. Take, for instance, the fate of the middle-class, into which Albie and I were born and to which Connie now belongs, albeit with some protest. In book after book I read that the middle-class are doomed. Globalisation and technology have already cut a swathe through previously secure professions, and 3D printing technology will soon wipe out the last of the manufacturing industries. The internet won’t replace those jobs, and what place for the middle-classes if twelve people can run a giant corporation? I’m no communist firebrand, but even the most rabid free-marketeer would concede that market-forces capitalism, instead of spreading wealth and security throughout the population, has grotesquely magnified the gulf between rich and poor, forcing a global workforce into dangerous, unregulated, insecure low-paid labour while rewarding only a tiny elite of businessmen and technocrats. So-called ‘secure’ professions seem less and less so; first it was the miners and the ship- and steel-workers, soon it will be the bank clerks, the librarians, the teachers, the shop-owners, the supermarket check-out staff. The scientists might survive if it’s the right type of science, but where do all the taxi-drivers in the world go when the taxis drive themselves? How do they feed their children or heat their homes and what happens when frustration turns to anger? Throw in terrorism, the seemingly insoluble problem of religious fundamentalism, the rise of the extreme right-wing, under-employed youth and the under-pensioned elderly, fragile and corrupt banking systems, the inadequacy of the health and care systems to cope with vast numbers of the sick and old, the environmental repercussions of unprecedented factory-farming, the battle for finite resources of food, water, gas and oil, the changing course of the Gulf Stream, destruction of the biosphere and the statistical probability of a global pandemic, and there really is no reason why anyone should sleep soundly ever again. By the time Albie is my age I will be long gone, or, best-case scenario, barricaded into my living module with enough rations to see out my days. But outside, I imagine vast, unregulated factories where workers count themselves lucky to toil through eighteen-hour days for less than a living wage before pulling on their gas masks to fight their way through the unemployed masses who are bartering with the mutated chickens and old tin-cans that they use for currency, those lucky workers returning to tiny, overcrowded shacks in a vast megalopolis where a tree is never seen, the air is thick with police drones, where car-bomb explosions, typhoons and freak hailstorms are so commonplace as to barely be remarked upon. Meanwhile, in literally gilded towers miles above the carcinogenic smog, the privileged 1 per cent of businessmen, celebrities and entrepreneurs look down through bullet-proof windows, accept cocktails in strange glasses from the robot waiters hovering nearby and laugh their tinkling laughs and somewhere, down there in that hellish, stewing mess of violence, poverty and desperation, is my son, Albie Petersen, a wandering minstrel with his guitar and his keen interest in photography, still refusing to wear a decent coat.

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If you’re risk averse and have some doubts about the feasibility of your ideas, it’s likely that your business will be built to last. If you’re a freewheeling gambler, your startup is far more fragile. Like the Warby Parker crew, the entrepreneurs whose companies topped Fast Company’s recent most innovative lists typically stayed in their day jobs even after they launched. Former track star Phil Knight started selling running shoes out of the trunk of his car in 1964, yet kept working as an accountant until 1969. After inventing the original Apple I computer, Steve Wozniak started the company with Steve Jobs in 1976 but continued working full time in his engineering job at Hewlett-Packard until 1977. And although Google founders Larry Page and Sergey Brin figured out how to dramatically improve internet searches in 1996, they didn’t go on leave from their graduate studies at Stanford until 1998. “We almost didn’t start Google,” Page says, because we “were too worried about dropping out of our Ph.D. program.” In 1997, concerned that their fledgling search engine was distracting them from their research, they tried to sell Google for less than $2 million in cash and stock. Luckily for them, the potential buyer rejected the offer. This habit of keeping one’s day job isn’t limited to successful entrepreneurs. Many influential creative minds have stayed in full-time employment or education even after earning income from major projects. Selma director Ava DuVernay made her first three films while working in her day job as a publicist, only pursuing filmmaking full time after working at it for four years and winning multiple awards. Brian May was in the middle of doctoral studies in astrophysics when he started playing guitar in a new band, but he didn’t drop out until several years later to go all in with Queen. Soon thereafter he wrote “We Will Rock You.” Grammy winner John Legend released his first album in 2000 but kept working as a management consultant until 2002, preparing PowerPoint presentations by day while performing at night. Thriller master Stephen King worked as a teacher, janitor, and gas station attendant for seven years after writing his first story, only quitting a year after his first novel, Carrie, was published. Dilbert author Scott Adams worked at Pacific Bell for seven years after his first comic strip hit newspapers. Why did all these originals play it safe instead of risking it all?

One way to get a life and keep it is to put energy into being an S&M (success and money) queen. I first heard this term in Karen Salmansohn’s fabulous book The 30-Day Plan to Whip Your Career Into Submission. Here’s how to do it: be a star at work. I don’t care if you flip burgers at McDonald’s or run a Fortune 500 company. Do everything with totality and excellence. Show up on time, all the time. Do what you say you will do. Contribute ideas. Take care of the people around you. Solve problems. Be an agent for change. Invest in being the best in your industry or the best in the world! If you’ve been thinking about changing professions, that’s even more reason to be a star at your current job. Operating with excellence now will get you back up to speed mentally and energetically so you can hit the ground running in your new position. It will also create good karma. When and if you finally do leave, your current employers will be happy to support you with a great reference and often leave an open door for additional work in the future. If you’re an entrepreneur, look at ways to enhance your business. Is there a new product or service you’ve wanted to offer? How can you create raving fans by making your customer service sparkle? How can you reach more people with your product or service? Can you impact thousands or even millions more? Let’s not forget the M in S&M. Getting a life and keeping it includes having strong financial health as well. This area is crucial because many women delay taking charge of their financial lives as they believe (or have been culturally conditioned to believe) that a man will come along and take care of it for them. This is a setup for disaster. You are an intelligent and capable woman. If you want to fully unleash your irresistibility, invest in your financial health now and don’t stop once you get involved in a relationship. If money management is a challenge for you, I highly recommend my favorite financial coach: David Bach. He is the bestselling author of many books, including The Automatic Millionaire, Smart Women Finish Rich, and Smart Couples Finish Rich. His advice is clear-cut and straightforward, and, most important, it works.

And then one day everything changed; the world shifted on its axis, our consciousness evolved. Instead of making their purchase deci- sions based solely on price, people became willing to pay more for sustainable or organic products. They no longer wanted their meat mass-produced; they wanted grass-fed beef from a local farmer. Rather than just a good sweat from their exercise, they also wanted mindfulness, so they took up SoulCycle, yoga, or meditation. And rather than settling down to buy their dream home and build their 401k, they spent their resources searching out experiences they could share and cherish more than they would another purse or car. Above all else, they wouldn’t accept the status quo. Instead of working in secure yet unfulfilling jobs, they wanted to create an existence that reflected their innermost desires and beliefs. And they did, in record numbers.

OK, if you are like most people, your list of the most valuable things includes your spouse, children, friends, health, money, and of course, time. Highly successful people have a similar list—but they rank time as the most important item of all. Shouldn’t health be number one? You can be healthy, and then get sick, and then regain your health. How about money? You can lose all your money, and then you can make it all back. Friends? Friends are important, and yet, how many friends did you have back in college that you no longer keep in touch with? Or even people who were guests at your wedding, and that was the last day you ever saw them? Yes, friends are prized, yet we lose them and make new ones all the time. Yes, your spouse means the world to you. And 50 percent of married people get a divorce, and many divorced people get a new husband or wife that is suddenly the love of their life. But time… You can never lose time and get it back again. You can’t spend time and go earn more of it. You can’t buy it, rent it, or borrow it. Time

In the movie La La Land, Mia has to put on a brave face at auditions, then put on her best clothes and go out on the town with the little money she could scrounge up, trying to find a way to meet the difference-makers in Hollywood. Even when she was about ready to give up, she ultimately came back for one more reading, the one that made her a big star. Almost every Hollywood actor who is successful today has a real-life story like that. Their goal was the same as everyone in the business world: to land a big fish. People noticed Natalie Portman and John Wayne the way they eventually noticed Mia. No one would have bought what she was selling if she hadn’t presented herself like a winner, even when she was on the verge of moving back into her parents’ place in Boulder City. My mom will tell you I wanted to be a millionaire by seven years old. It was always on my mind. So from day one of my business career I acted the part. I had no money but I dressed like a professional. I wore a suit, which was the thing to do back then. It wasn’t anything fancy, but it was pressed and clean. Bottom line is, if you’re shooting for the moon, you better act like an astronaut.

The VCs were prolific. They talked like nobody I knew. Sometimes they talked their own book, but most days, they talked Ideas: how to foment enlightenment, how to apply microeconomic theories to complex social problems. The future of media and the decline of higher ed; cultural stagnation and the builder’s mind-set. They talked about how to find a good heuristic for generating more ideas, presumably to have more things to talk about. Despite their feverish advocacy of open markets, deregulation, and continuous innovation, the venture class could not be relied upon for nuanced defenses of capitalism. They sniped about the structural hypocrisy of criticizing capitalism from a smartphone, as if defending capitalism from a smartphone were not grotesque. They saw the world through a kaleidoscope of startups: If you want to eliminate economic inequality, the most effective way to do it would be to outlaw starting your own company, wrote the founder of the seed accelerator. Every vocal anti-capitalist person I’ve met is a failed entrepreneur, opined an angel investor. The SF Bay Area is like Rome or Athens in antiquity, posted a VC. Send your best scholars, learn from the masters and meet the other most eminent people in your generation, and then return home with the knowledge and networks you need. Did they know people could see them?

In fact, the same basic ingredients can easily be found in numerous start-up clusters in the United States and around the world: Austin, Boston, New York, Seattle, Shanghai, Bangalore, Istanbul, Stockholm, Tel Aviv, and Dubai. To discover the secret to Silicon Valley’s success, you need to look beyond the standard origin story. When people think of Silicon Valley, the first things that spring to mind—after the HBO television show, of course—are the names of famous start-ups and their equally glamorized founders: Apple, Google, Facebook; Jobs/ Wozniak, Page/ Brin, Zuckerberg. The success narrative of these hallowed names has become so universally familiar that people from countries around the world can tell it just as well as Sand Hill Road venture capitalists. It goes something like this: A brilliant entrepreneur discovers an incredible opportunity. After dropping out of college, he or she gathers a small team who are happy to work for equity, sets up shop in a humble garage, plays foosball, raises money from sage venture capitalists, and proceeds to change the world—after which, of course, the founders and early employees live happily ever after, using the wealth they’ve amassed to fund both a new generation of entrepreneurs and a set of eponymous buildings for Stanford University’s Computer Science Department. It’s an exciting and inspiring story. We get the appeal. There’s only one problem. It’s incomplete and deceptive in several important ways. First, while “Silicon Valley” and “start-ups” are used almost synonymously these days, only a tiny fraction of the world’s start-ups actually originate in Silicon Valley, and this fraction has been getting smaller as start-up knowledge spreads around the globe. Thanks to the Internet, entrepreneurs everywhere have access to the same information. Moreover, as other markets have matured, smart founders from around the globe are electing to build companies in start-up hubs in their home countries rather than immigrating to Silicon Valley.

set aside more preserves, extinguished fewer species, saved the ozone layer, and peaked in their consumption of oil, farmland, timber, paper, cars, coal, and perhaps even carbon. For all their differences, the world’s nations came to a historic agreement on climate change, as they did in previous years on nuclear testing, proliferation, security, and disarmament. Nuclear weapons, since the extraordinary circumstances of the closing days of World War II, have not been used in the seventy-two years they have existed. Nuclear terrorism, in defiance of forty years of expert predictions, has never happened. The world’s nuclear stockpiles have been reduced by 85 percent, with more reductions to come, and testing has ceased (except by the tiny rogue regime in Pyongyang) and proliferation has frozen. The world’s two most pressing problems, then, though not yet solved, are solvable: practicable long-term agendas have been laid out for eliminating nuclear weapons and for mitigating climate change. For all the bleeding headlines, for all the crises, collapses, scandals, plagues, epidemics, and existential threats, these are accomplishments to savor. The Enlightenment is working: for two and a half centuries, people have used knowledge to enhance human flourishing. Scientists have exposed the workings of matter, life, and mind. Inventors have harnessed the laws of nature to defy entropy, and entrepreneurs have made their innovations affordable. Lawmakers have made people better off by discouraging acts that are individually beneficial but collectively harmful. Diplomats have done the same with nations. Scholars have perpetuated the treasury of knowledge and augmented the power of reason. Artists have expanded the circle of sympathy. Activists have pressured the powerful to overturn repressive measures, and their fellow citizens to change repressive norms. All these efforts have been channeled into institutions that have allowed us to circumvent the flaws of human nature and empower our better angels. At the same time . . . Seven hundred million people in the world today live in extreme poverty. In the regions where they are concentrated, life expectancy is less than 60, and almost a quarter of the people are undernourished.

David and Neil were MBA students at the Wharton School when the cash-strapped David lost his eyeglasses and had to pay $700 for replacements. That got them thinking: Could there be a better way? Neil had previously worked for a nonprofit, VisionSpring, that trained poor women in the developing world to start businesses offering eye exams and selling glasses that were affordable to people making less than four dollars a day. He had helped expand the nonprofit’s presence to ten countries, supporting thousands of female entrepreneurs and boosting the organization’s staff from two to thirty. At the time, it hadn’t occurred to Neil that an idea birthed in the nonprofit sector could be transferred to the private sector. But later at Wharton, as he and David considered entering the eyeglass business, after being shocked by the high cost of replacing David’s glasses, they decided they were out to build more than a company—they were on a social mission as well. They asked a simple question: Why had no one ever sold eyeglasses online? Well, because some believed it was impossible. For one thing, the eyeglass industry operated under a near monopoly that controlled the sales pipeline and price points. That these high prices would be passed on to consumers went unquestioned, even if that meant some people would go without glasses altogether. For another, people didn’t really want to buy a product as carefully calibrated and individualized as glasses online. Besides, how could an online company even work? David and Neil would have to be able to offer stylish frames, a perfect fit, and various options for prescriptions. With a $2,500 seed investment from Wharton’s Venture Initiation Program, David and Neil launched their company in 2010 with a selection of styles, a low price of $95, and a hip marketing program. (They named the company Warby Parker after two characters in a Jack Kerouac novel.) Within a month, they’d sold out all their stock and had a 20,000-person waiting list. Within a year, they’d received serious funding. They kept perfecting their concept, offering an innovative home try-on program, a collection of boutique retail outlets, and an eye test app for distance vision. Today Warby Parker is valued at $1.75 billion, with 1,400 employees and 65 retail stores. It’s no surprise that Neil and David continued to use Warby Parker’s success to deliver eyeglasses to those in need. The company’s Buy a Pair, Give a Pair program is unique: instead of simply providing free eyeglasses, Warby Parker trains and equips entrepreneurs in developing countries to sell the glasses they’re given. To date, 4 million pairs of glasses have been distributed through Warby Parker’s program. This dual commitment to inexpensive eyewear for all, paired with a program to improve access to eyewear for the global poor, makes Warby Parker an exemplary assumption-busting social enterprise.

Balance your risk portfolio. When you’re going to take a risk in one domain, offset it by being unusually cautious in another realm of your life. Like the entrepreneurs who kept their day jobs while testing their ideas, or Carmen Medina taking a job to protect against security leaks when she was pushing the CIA to embrace the internet, this can help you avoid unnecessary gambles. 7. Highlight the reasons not to support your idea. Remember Rufus Griscom, the entrepreneur in chapter 3 who told investors why they shouldn’t invest in his company? You can do this, too. Start by describing the three biggest weaknesses

My Mission (The Sonnet) I am not here to inspire butcher doctors, I am here to build humanitarian doctors. I am not here to entertain reckless coders, I am here to invigorate humanitarian coders. I am not here to arouse mindless engineers, I am here to torque up humanitarian engineers. I am not here to pamper crooked politicians, I am here to wake up the brave world builders. I am not here to applaud counterfeit philanthropy, I am here to energize humanitarian entrepreneurs. I am not here to peddle the glory of logic over life, I'm here to raise humanitarian scientists 'n philosophers. There is no rest till humanity courses through human veins. My mission is to flood the world with humanitarians by the thousands.

After his day of revelation in the garage, he had been back on the upswing, as a scientist, even as a burgeoning entrepreneur. Even as a husband. It was all moving up: meaning, success, our story. For a while here, it looked like we were going to make it. Whatever it is. Whatever making it is. He was going to make it, our family was, my mother and father were going to make it. The world was coming to him, finally. He had made a noise, and the world heard him, and the world was coming. And just as he had always imagined, it was coming with money. Or more accurately, the promise of money. More than money. Prestige. The promise of prestige and a sense of mystery about him, a sense of intellectual mystery that would surround him, inventor, pioneer, scientist. He imagined the prospect of seeing his name in trade journals, rivals and admirers whispering about what he was working on, his method of working, how he got his ideas. He imagined how the people at work would react when he quit, when a month after he quit they realized what they had let slip away, how they could never afford him now, how they had ignored him all those years, put him in the cubicle, let him inch upward, never seeing the quality of his ideas. I am excited. I am hopeful. I know how this all turns out, what happens after today, and still I feel hopeful, looking at myself, remembering how it felt to feel that way. He talks about getting something nice for my mother, about wanting to get a bigger house for us.

Make a bug list: Every minute of every day, we come into contact with people and situations, some of which somehow seem suboptimal. When I first moved to the United Kingdom more than 20 years ago, I wondered why most bathroom sinks had separate spigots for hot water and cold water. Why not let mixed hot and cold water—adjusted to just the right temperature—be mixed within the faucet instead of in the bowl? My advice is that you carry with you a notepad (or use an app on your phone) and make note of everything you encounter that “bugs you”—that is, could be done better.

Only then, imagine alternative solutions: At the end of the day, you'll need not only to identify problems to solve for some set of customers, but you'll also need to provide solutions they will buy. I suggest that each month, you choose one or two of the problems you've identified and imagine as many alternative ways to solve them as you can. An app? A service? A product? Perhaps engage your friends or fellow employees in doing so.

On the “large market trap”: It's easy to become beguiled by large and potentially attractive markets, as Tuninvest was. Nespresso, too, in its early days, eyeing the 70 percent of the coffee market served by roasted and ground coffee that it did not sell. “If I can only sell my widget to 1 percent of the people in China, I'll be rich,” some say. Market size is important, of course, as there's more room in large markets for multiple companies to be successful. But, as a starting point, I'll take a very narrow target market having a compelling problem that I can solve, and solve better than anyone else. My advice: think narrow at the outset. Moving the needle can come later, once progress is in hand.

These days, it seems, entrepreneurs are in a great hurry. They want to grow their companies into unicorns the day after tomorrow! But entrepreneurship played to win is typically a long game. Building successful companies for the long term requires a combination of patience and perseverance to stay the course, along with the flexibility to pivot when the data calls for a pivot. It's a journey not for the faint of heart, as we've seen. My advice? Don't rush it. If you're on a sound path, success will come, as Pandora found. If it's a narrow path at the outset, so much the better, as you'll better understand what your narrowly targeted market really wants. One entrepreneur I know well says that entrepreneurship is the art of staying alive until you get lucky!

First, let's be clear what I mean by “ask for the cash” and “ride the float.” I mean the following: After (courageously) asking for and getting payment from your customers as early as possible (ideally before you make or deliver what they've agreed to buy) and after convincing your key suppliers to take payment from you as late as possible (perhaps 30 or 60 or 90 days after they've shipped you what you ordered), you'll find your bank account flush with cash, at least until you have to pay your suppliers. While you have that cash in hand—the “float” before you have to pay it to your suppliers—you can use it to grow your business. Buy inventory. Hire people. Buy more Google AdWords. And so on. As your business grows, you then use your future revenue to pay your suppliers and your people, just in time when their bills come due. That's exactly what 19‐year‐old Michael Dell did in 1984 to start Dell Computer. And it's mostly how he grew Dell, too.

One of my prevailing philosophies is that if any individual were to find out that he or she had only six days to live, all people’s final thoughts would revolve around life’s most important things: the people they’ve loved and the places they’ve explored. Nothing shapes an individual as much as these two influences. {Kent family archives} An early safari on the shores of Lake Baringo.   My parents and I started Abercrombie & Kent out of necessity when the land in Kenya that we’d spent our lives developing was taken away from us. Many entrepreneurs agree that it’s our worst vulnerabilities that inspire us to find our greater purpose. When the most precious part of yourself is taken away, you will do whatever it takes to get your power back. You’ll even travel to the ends of the earth. This book is more than a collection of the best moments that I’ve experienced along the path; this book is my love story. By bringing the same sense of adventure found on safari to other places around the world, I defined luxury experiential travel . . . but my own greatest adventure has been this business itself.

The Secrets of Skunk: Part Two At the Lockheed skunk works, Kelly Johnson ran a tight ship. He loved efficiency. He had a motto—“be quick, be quiet, and be on time”—and a set of rules.6 And while we are parsing the deep secrets of skunk, it’s to “Kelly’s rules” we must now turn. Wall the skunk works off from the rest of the corporate bureaucracy—that’s what you learn if you boil Johnson’s rules down to their essence. Out of his fourteen rules, four pertain solely to military projects and can thus be excluded from this discussion. Three are ways to increase rapid iteration (a topic we’ll come back to in a moment), but the remaining seven are all ways to enforce isolation. Rule 3, for example: “The number of people with any connection to the project should be restricted in an almost vicious manner.” Rule 13 is more of the same: “Access by outsiders to the project and its personnel must be strictly controlled by appropriate security measures.” Isolation, then, according to Johnson, is the most important key to success in a skunk works. The reasoning here is twofold. There’s the obvious need for military secrecy, but more important is the fact that isolation stimulates risk taking, encouraging ideas weird and wild and acting as a counterforce to organizational inertia. Organizational inertia is the notion that once any company achieves success, its desire to develop and champion radical new technologies and directions is often tempered by the much stronger desire not to disrupt existing markets and lose their paychecks. Organizational inertia is fear of failure writ large, the reason Kodak didn’t recognize the brilliance of the digital camera, IBM initially dismissed the personal computer, and America Online (AOL) is, well, barely online. But what is true for a corporation is also true for the entrepreneur. Just as the successful skunk works isolates the innovation team from the greater organization, successful entrepreneurs need a buffer between themselves and the rest of society. As Burt Rutan, winner of the Ansari XPRIZE, once taught me: “The day before something is truly a breakthrough, it’s a crazy idea.” Trying out crazy ideas means bucking expert opinion and taking big risks. It means not being afraid to fail. Because you will fail. The road to bold is paved with failure, and this means having a strategy in place to handle risk and learn from mistakes is critical. In a talk given at re:Invent 2012, Amazon CEO Jeff Bezos7 explains it like this: “Many people misperceive what good entrepreneurs do. Good entrepreneurs don’t like risk. They seek to reduce risk. Starting a company is already risky . . . [so] you systematically eliminate risk in those early days.

The entrepreneurs in this book sell. They frequent public parks to see if anyone will buy their custom, typewritten stories. They use crowdfunding websites to raise money from customers before their products even exist. They post their ideas to massive web forums to gauge interest, or set up online shops the second they have a product to sell. Sales come first, not last. Finally, the entrepreneurs in this book try again. In almost every instance, the first versions of their products don’t work properly, or customers don’t want them. Instead of giving up, they tinker – sometimes for years – until they get things right. They hit roadblocks and spend late nights anguishing over seemingly insurmountable obstacles, until one day, through sheer force of will, they make it. The ones who survive are the ones who don’t quit.

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit.

What’s my big beef with capitalism? That it desacralizes everything, robs the world of wonder, and leaves it as nothing more than a vulgar market. The fastest way to cheapen anything—be it a woman, a favor, or a work of art—is to put a price tag on it. And that’s what capitalism is, a busy greengrocer going through his store with a price-sticker machine—ka-CHUNK! ka-CHUNK!—$4.10 for eggs, $5 for coffee at Sightglass, $5,000 per month for a run-down one-bedroom in the Mission. Think I’m exaggerating? Stop and think for a moment what this whole IPO ritual was about. For the first time, Facebook shares would have a public price. For all the pageantry and cheering, this was Mr. Market coming along with his price-sticker machine and—ka-CHUNK!—putting one on Facebook for $38 per share. And everyone was ecstatic about it. It was one of the highlights of the technology industry, and one of the “once in a lifetime” moments of our age. In pre-postmodern times, only a divine ritual of ancient origin, victory in war, or the direct experience of meaningful culture via shared songs, dances, or art would cause anybody such revelry. Now we’re driven to ecstasies of delirium because we have a price tag, and our life’s labors are validated by the fact it does. That’s the smoldering ambition of every entrepreneur: to one day create an organization that society deems worthy of a price tag. These are the only real values we have left in the twilight of history, the tired dead end of liberal democratic capitalism, at least here in the California fringes of Western civilization. Clap at the clever people getting rich, and hope you’re among them. Is it a wonder that the inhabitants of such a world clamor for contrived rituals of artificial significance like Burning Man, given the utter bankruptcy of meaning in their corporatized culture? Should we be surprised that they cling to identities, clusters of consumption patterns, that seem lifted from the ads-targeting system at Facebook: “hipster millennials,” “urban mommies,” “affluent suburbanites”? Ortega y Gasset wrote: “Men play at tragedy because they do not believe in the reality of the tragedy which is actually being staged in the civilized world.” Tragedy plays like the IPO were bound to pale for those who felt the call of real tragedy, the tragedy that poets once captured in verse, and that fathers once passed on to sons. Would the inevitable descendants of that cheering courtyard crowd one day gather with their forebears, perhaps in front of a fireplace, and ask, “Hey, Grandpa, what was it like to be at the Facebook IPO?” the way previous generations asked about Normandy or the settling of the Western frontier? I doubt it. Even as a participant in this false Mass, the temporary thrill giving way quickly to fatigue and a budding hangover, I wondered what would happen to the culture when it couldn’t even produce spectacles like this anymore.

Another common error is to confuse freedom with planlessness. Some writers these days argue that if the system of economic laissez-faire—“letting everyone do as he wishes”—were altered as history marches on, our freedom would vanish with it. The argument of these authors often goes something like this: “Freedom is like a living thing. It is indivisible. And if the individual’s right to own the means of production is taken away, he no longer has the freedom to earn his living in his own way. Then he can have no freedom at all.” Well, if these writers were right it would indeed be unfortunate—for who then could be free? Not you nor I nor anyone else except a very small group of persons—for in this day of giant industries, only the minutest fraction of citizens can own the means of production anyway. Laissez-faire was a great idea, as we have seen, in earlier centuries: but times change, and almost everyone nowadays earns his living by virtue of belonging to a large group, be it an industry, or a university, or a labor union. It is a vastly more interdependent world, this “one world” of our twentieth century, than the world of the entrepreneurs of earlier centuries or of our own pioneer days; and freedom must be found in the context of economic community and the social value of work, not in everyone’s setting up his own factory or university. Fortunately, this economic interdependence need not destroy freedom if we keep our perspective. The pony express was a great idea, also, back in the days when sending a letter from coast to coast was an adventure. But certainly we are thankful—complain as we may about mail service these days—that now when we write a letter to a friend on the coast, we don’t have to give more than a passing thought to its method of travel; we drop it in the box with an air-mail stamp and forget about it. We are free, that is, to devote more time and concern to our message to our friend, our intellectual and spiritual interchange in the letter, because in a world made smaller by specialized communication we don’t have to be so concerned about how the letter gets there. We are more free intellectually and spiritually precisely because we accept our position in economic interdependence with our fellow men.

If a child attempts to cooperate at test time, it is called ‘cheating.’ In the real world of business, business owners cooperate at test time, and in the world of business, every day is test time.

A third entrepreneurial contribution is risk. While labor gets paid its fixed wage, the entrepreneurs take all the risk. Entrepreneurs might do well, but they might also lose money, ending up worse than they were before they started. The worker’s risk is much lower: at worst, he’s out of a job and doesn’t get additional wages. No one, however, asks the worker to receive wages only if the company does well, or to give back wages to help the company meet its obligations. So these distinctive entrepreneurial contributions—ideas, organization, and risk—are very different from “labor,” indeed they involve the establishing of a system that then enables labor to function. If labor gets paid “wages” in return for its contributions, entrepreneurs get paid “profits” in return for theirs. There is nothing inherently unfair about that, even when the profits are substantial, since without entrepreneurs, the workers would not have their jobs. Moreover, the parking lot guy seems to be suffering from an optical illusion. He thinks that he is doing the work of parking the car, but he is merely the last man in a chain of employees who are getting this particular job done. The parking lot guy wonders, “All I got paid was $100. Where did the rest of the money go?” Well, it went to all the other people who created and designed, and continue to maintain and manage a resort property in which it is feasible to charge $25 per day to park a car. Instead of wallowing in his grievances, and voting for Obama, the parking lot guy would do better for himself if he asked, “How can I become one of the managers?” or “How can I start a company that builds and operates parking lots?

Born in 1987 in Malawi, William grew up in a village with no electricity or running water, and in a family that barely survived on the food it grew with a little left over to pay for school. After a terrible drought in 2001, William had to drop out of school because his family could no longer afford his school fees. He kept educating himself by going to the library and reading everything he could. One day, he found a book on windmills and determined he'd build one. So he did. Starting with scrap parts he found in light bulbs and radios. William built the first windmill he or his village had ever seen. And it worked, generating electricity for his family and his neighbors. Williamkamkwamba.com

Entrepreneurs who kept their day jobs were balancing their risk portfolios. The safety of the day job gave them time to develop original ideas at their own pace and weather mistakes and failures along the way. The

With nearly 70% of its associates being women, BananaIP has pioneered the participation of women in intellectual property. I hope all organizations will strive towards this goal on World IP Day.

Suppose someone says, it’s possible to jump off a 200 feet cliff without any aid and survive. 99 percent of those that try end up dying. But by some miracle, this guy survives, while doing the exact same thing with the exact method that killed 99 percent of the people. He later, proudly proclaims, “See! it’s possible to jump off a 200 feet high cliff and survive! Never mind the fact that I spent 6 months in a Coma and am now paralyzed FOR LIFE, but I survived! Anyone can do it as long as you believe in yourself! In business, the most common synonym for this is –” Work 18-hour days! Take no days off! No pain, no gain! Don’t change even if the entire world tells you that you are wrong! Sleep only when you are dead!” Other entrepreneurs listen to that and try to replicate it sincerely. But most fail anyway while also ruining their health, finances and personal life. What they don’t realize is that just because a tiny minority survived or even thrived using this approach, doesn’t mean it is the right approach, because if it was, it would work for most people who followed it sincerely, but it doesn’t.

The more profits he has, the more assistants he can employ. It follows that an increase in the profits of private entrepreneurs is the basis for the increase in collective wealth and prosperity. This may not strike you as very original, because we all live in a capitalist world that takes Smith’s argument for granted. We hear variations on this theme every day in the news. Yet Smith’s claim that the selfish human urge to increase private profits is the basis for collective wealth is one of the most revolutionary ideas in human history – revolutionary not just from an economic perspective, but even more so from a moral and political perspective. What Smith says is, in fact, that greed is good, and that by becoming richer I benefit everybody, not just myself. Egoism is altruism.

A lot of people interested in those things will still not be interested in buying your product or service. A lot of people who like ice cream won’t buy your ice cream. They may be dairy-free, or only eat ice cream on date nights, or they may like looking at ice cream more than they wish to actually eat it. Or perhaps they used to eat ice cream every day and now they’re repenting for it. Who knows? You certainly don’t. But somebody (spoiler: Facebook) does. You don’t need a whole marketing department, you just need a Facebook account. With their help, you can compete with the world’s largest brands in just a few hours a week.

Chances are, if you’ve learned something, there’s probably a good portion of your community that would find value in learning that same thing from you, even if you aren’t the world’s leading authority on the subject. And if you’re regularly learning, then you’ll always have regular content to contribute to the community. This can become a nice flywheel over time, as teaching often becomes the best way to drive your own curiosity and inspiration to learn more yourself. And when you learn publicly, your students will have questions that force you to learn even more stuff to teach them. You don’t have to teach everything you learn. In fact, a narrower core focus can be better. For example, Patrick McKenzie, a writer, entrepreneur, and software business expert who is best known for a 2012 post on salary negotiation that has since become a cult classic in the software engineering space, believes that the best personal brands exist at the intersection of two topics. He now works for Stripe, where he continues to write and advise software engineers and software entrepreneurs about how to start and scale their businesses, speaking from real experience as a creator and business owner himself. If you’re learning every day, which you probably are, you’ll have something to share every day. Meanwhile, you’ll build your skills and experience, learn to speak the language, and grow your community, all essential ingredients when you eventually have a product you are ready to sell. Unfortunately, as you probably already know, there are no shortcuts. As you think about what you’re creating now and how that might lead to a business in the future, look to the communities you’re already a part of. You’ve invested time and energy there, so perhaps you already have an idea of how to proceed. If you don’t, keep going, and continue using your time to get strong, to learn how to paint, to learn how to code, to learn how to write, or to learn whatever else you are into, teaching what you’re learning along the way.

If you think like most people, you’ll predict a clear advantage for the risk takers. Yet the study showed the exact opposite: Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit.

most people who go into business don’t have a model of a business that works, but of work itself, a Technician’s Perspective, which differs from the Entrepreneurial Perspective in the following ways: • The Entrepreneurial Perspective asks the question: “How must the business work?” The Technician’s Perspective asks: “What work has to be done?” • The Entrepreneurial Perspective sees the business as a system for producing outside results—for the customer—resulting in profits. The Technician’s Perspective sees the business as a place in which people work to produce inside results—for The Technician—producing income. • The Entrepreneurial Perspective starts with a picture of a well-defined future, and then comes back to the present with the intention of changing it to match the vision. The Technician’s Perspective starts with the present, and then looks forward to an uncertain future with the hope of keeping it much like the present. • The Entrepreneurial Perspective envisions the business in its entirety, from which is derived its parts. The Technician’s Perspective envisions the business in parts, from which is constructed the whole. • The Entrepreneurial Perspective is an integrated vision of the world. The Technician’s Perspective is a fragmented vision of the world. • To The Entrepreneur, the present-day world is modeled after his vision. To The Technician, the future is modeled after the present-day world.

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If

Others think being an entrepreneur is a dream come true. However, They are clueless about the challenges you fight every day and minute to expand your startup. World Entrepreneurs Day greetings to all young entrepreneurs who are trying to make a change in our society!

In this new era, you have two choices: become a temp staffer (not a horrible choice) or become an artist-entrepreneur. Choose to commoditize your labor or choose yourself to be a creator, an innovator, an artist, an investor, a marketer, and an entrepreneur. I say “and” rather than “or” because now you have to be all of the above. Not just one. An artist must also be an entrepreneur. That’s it. Those ARE your choices. Cubicles are getting commoditized. And when that happens, they empty out. I saw it with my own eyes when I visited my investor friend and stared out his office windows at the vacant vertical city. And now I see it happening every day. It’s not something that can be changed with laws or with printing money or with a change in values. It’s history now. The world has already changed, and all the pieces are just falling into place. Which side will you be on?

modern-day digital currency entrepreneurs

How have you grown as a person over the past three years? What are the biggest things you’ve learned in the past 12 months? What are 10 important things you’ve accomplished in the past 12 months? What meaningful experiences have you had in the past 90 days? How are you clearer on your goals and vision than you were 90 days ago? In what ways is your life different and better than it was 30 days ago? What important progress have you made the past seven days? What progress have you made in the past 24 hours?

At the end of the day, starting something new, whether at a kitchen table, in a co‐working space, or deep inside an established business almost always initiates a learning journey. But that journey is not only about what the customers want and will pay for. It's also about how best to get them to pay as far in advance as you can.

Thus, contrary to the folklore, entrepreneurs don't much like risk either. They use these six mindsets to mitigate it. Or manage it. Or off‐load it onto others. “Isn't your idea risky?” they will be asked. Of course, it's risky! There's market risk: Will customers buy (They bought from the outset at Budgetplaces.com; but not so fast at Nespresso.)? There's technology risk: Will the new‐fangled product actually work (Would Elon Musk figure out how to build electric vehicles with enough range?)? There's execution risk: Will the team be able to deliver what it sets out to deliver (Simon Cohen's 2 a.m. wake‐ups stole a day on his competitors.)? And more. Working counter‐conventionally, they all put one or more of the six mindsets into action.

Melanie and her partners did not start their entrepreneurial journey knowing everything they needed to know. Nor should they have. When you have an idea that you want to make the foundation of your company, you can’t afford to spend twenty years prepping for the job you want one day. By the time you’re ready to start, someone else has long since taken your idea and run with it.

Markets change all the time and our job is to change with them.. Remember, planning is a tool that only works in the presence of a long and stable operating history. And yet, do any of us feel that the world around us is getting more and more stable every day?

Throwing even more fuel on this fire was Alibaba’s record-breaking 2014 debut on the New York Stock Exchange. A group of Taobao sellers rang the opening bell for Alibaba’s initial public offering on September 19, just nine days after Premier Li’s speech. When the dust settled on a furious round of trading, Alibaba had claimed the title of the largest IPO in history, and Jack Ma was crowned the richest man in China. But it was about more than just the money. Ma had become a national hero, but a very relatable one. Blessed with a goofy charisma, he seems like the boy next door. He didn’t attend an elite university and never learned how to code. He loves to tell crowds that when KFC set up shop in his hometown, he was the only one out of twenty-five applicants to be rejected for a job there. China’s other early internet giants often held Ph.D.s or had Silicon Valley experience in the United States. But Ma’s ascent to rock-star status gave a new meaning to “mass entrepreneurship”—in other words, this was something that anyone from the Chinese masses had a shot at. The government endorsement and Ma’s example of internet entrepreneurship were particularly effective at winning over some of the toughest customers: Chinese mothers. In the traditional Chinese mentality, entrepreneurship was still something for people who couldn’t land a real job. The “iron rice bowl” of lifetime employment in a government job remained the ultimate ambition for older generations who had lived through famines. In fact, when I had started Sinovation Ventures in 2009, many young people wanted to join the startups we funded but felt they couldn’t do so because of the steadfast opposition of their parents or spouses. To win these families over, I tried everything I could think of, including taking the parents out to nice dinners, writing them long letters by hand, and even running financial projections of how a startup could pay off. Eventually we were able to build strong teams at Sinovation, but every new recruit in those days was an uphill battle. By 2015, these people were beating down our door—in one case, literally breaking Sinovation’s front door—for the chance to work with us. That group included scrappy high school dropouts, brilliant graduates of top universities, former Facebook engineers, and more than a few people in questionable mental states. While I was out of town, the Sinovation headquarters received a visit from one would-be entrepreneur who refused to leave until I met with him. When the staff told him that I wouldn’t be returning any time soon, the man lay on the ground and stripped naked, pledging to lie right there until Kai-Fu Lee listened to his idea.

The day the world learns to measure the net worth of an entrepreneur based on their direct involvement in social welfare and not with money, is the day we'll begin to make substantial strides in eradicating poverty and hunger.

Every day is a chance, life is a chance worth living because each atom and molecule in our body are the same as those in the universe that makes up our world and space.

A harmonious state of being is defined as a state in which your internal needs are aligned with the actions you take and the surrounding energy of the world. The only way to create this harmony is by aligning your priorities with what you do every day.

This is the flip side of the soul-sucking cubicle-dweller jobs we assume are where dreams go to die. All those books aimed at convincing you to go follow your passion are based on the assumption that if you do so, your life will automatically be more fulfilling. But then let's say you become an entrepreneur or hit the road with your band or land a gig writing guidebooks that takes you all over the world. You can still discover that--gasp!--it's not all it's cracked up to be. Being fulfilled is all about the day-to-day details, and if that involves schlepping your instrument from one gig to another in order to cobble together a living, it may be that there is no piece of chamber music beautiful enough to save you from your misery. And then you have to be smart enough to change course instead of clinging to some idea of yourself or the thing you wanted.

In a fascinating study, management researchers Joseph Raffiee and Jie Feng asked a simple question: When people start a business, are they better off keeping or quitting their day jobs? From 1994 until 2008, they tracked a nationally representative group of over five thousand Americans in their twenties, thirties, forties, and fifties who became entrepreneurs. Whether these founders kept or left their day jobs wasn’t influenced by financial need; individuals with high family income or high salaries weren’t any more or less likely to quit and become full-time entrepreneurs. A survey showed that the ones who took the full plunge were risk takers with spades of confidence. The entrepreneurs who hedged their bets by starting their companies while still working were far more risk averse and unsure of themselves. If you think like most people, you’ll predict a clear advantage for the risk takers. Yet the study showed the exact opposite: Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit.

Remember, planning is a tool that only works in the presence of a long and stable operating history. And yet, do any of us feel that the world around us is getting more and more stable every day? Changing such a mind-set is hard but critical to startup success.

Women have come a long way , since that day on September 7th 1968 , when they burnt myriad symbolic feminine products , including mops and bras , as a mark of protest . The women wanted to call world-wide attention to women's rights and women's liberation ! Today women are making headlines each and every day as the makers and creators of positive change in all walks of life . Be it as doctors , pilots , engineers , artists , writers , musicians, innovators, teachers , astronauts , researchers, managers , private or government employees , designers , scientists , dancers, singers, entrepreneurs , architects , bus-drivers , nurses , chefs , actors, athletes , politicians , or home-makers , women have been and are continuing to prove themselves that they are equal to or better than men in all walks of life ! A big 'Salute ' to all the women in the world !

When asked on retirement what advice he would give to budding entrepreneurs, Conrad Hilton, founder of the eponymous hotel chain, told them to sweat the small stuff with a memorable one-liner: “Don’t forget to tuck the shower curtain in the bath.” When Sir Richard Branson visits any of the three hundred businesses in his Virgin empire, he makes a note of every small failing that catches his eye, from a dirty carpet in an airplane cabin to an employee using the wrong tone of voice in a call center. “[The] only difference between merely satisfactory delivery and great delivery is attention to detail,” he wrote recently. “Delivery is not just limited to the company’s first day: employees across the business should be focusing on getting it right all day, every day.

Research and development conducted by private companies in the United States has grown enormously over the past four decades. We have substantially replaced the publicly funded science that drove our growth after World War II with private research efforts. Such private R&D has shown some impressive results, including high average returns for the corporate sector. However, despite their enormous impact, these private R&D investments are much too small from a broader perspective. This is not a criticism of any individuals; rather, it is simply a feature of the system. Private companies do not capture the spillovers that their R&D efforts create for other corporations, so private sector executives in established firms underinvest in invention. The venture capital industry, which provides admirable support to some start-ups, is focused on fast-impact industries, such as information technology, and not generally on longer-run and capital-intensive investments like clean energy or new cell and gene therapies. Leading entrepreneur-philanthropists get this. In recent years, there have been impressive investments in science funded by publicly minded individuals, including Eric Schmidt, Elon Musk, Paul Allen, Bill and Melinda Gates, Mark Zuckerberg, Michael Bloomberg, Jon Meade Huntsman Sr., Eli and Edythe Broad, David H. Koch, Laurene Powell Jobs, and others (including numerous private foundations). The good news is that these people, with a wide variety of political views on other matters, share the assessment that science—including basic research—is of fundamental importance for the future of the United States. The less good news is that even the wealthiest people on the planet can barely move the needle relative to what the United States previously invested in science. America is, roughly speaking, a $20 trillion economy; 2 percent of our GDP is nearly $400 billion per year. Even the richest person in the world has a total stock of wealth of only around $100 billion—a mark broken in early 2018 by Jeff Bezos of Amazon, with Bill Gates and Warren Buffett in close pursuit. If the richest Americans put much of their wealth immediately into science, it would have some impact for a few years, but over the longer run, this would hardly move the needle. Publicly funded investment in research and development is the only “approach that could potentially return us to the days when technology-led growth lifted all boats. However, we should be careful. Private failure is not enough to justify government intervention. Just because the private sector is underinvesting does not necessarily imply that the government will make the right investments.

VCs and entrepreneurs are considered by many to be thinkers these days, their commercial utterances treated like ideas, and these ideas are often in the future tense: claims about the next world, forged by adding up the theses of their portfolio companies or extrapolating from their own start-up’s mission statement. That people listened to their ideas gave them a chance to launder their self-interested hopes into more selfless-sounding predictions about the world. For example, a baron wishing to withhold benefits from workers might reframe that desire as a prediction about a future in which every human being is a solo entrepreneur. A

do any of us feel that the world around us is getting more and more stable every day?

1. Opportunity. What is the best opportunity for a new entrepreneur to build a successful business? Why is now the time to do it? How does the new landscape of e-commerce and social media create an environment of opportunity? And how do you fit into it all? You will discover why now is the perfect time to create your pie, and why there are others who are ready and willing to buy a slice. 2. Mindset. There’s a reason not every wantrepreneur becomes a successful entrepreneur, and psychology is a big piece of the puzzle. I’ll take you through the development of the right mindset to take a business from zero to one million in a year. 3. Getting customers. A million-dollar business doesn’t start with a product; it starts with a person. Your first step in building your business must be identifying your customer, and then answering his or her need. This builds a real brand, not just a revenue stream. If you get this piece right, you will have droves of repeat buyers who will eagerly “overpay” for your products, thank you for it, and tell all of their friends about you. 4. Product. Choosing your first product will be the biggest hurdle you face. It will take research, patience, and determination. Most importantly, it will require listening to what your customer is saying. I’ll take you through the whole process, from ideation to prototyping and refinement, helping you clear this hurdle in no time flat. 5. Funding. Sure, you’ve got a great product, and you know to whom you’re selling—but how do you fund your inventory? Here’s how to bootstrap, borrow, and build your way to a self-sustaining revenue machine, without stressing about money. 6. Stacking the deck. How do you nearly guarantee that your first product is successful, right out of the gate? Once you’ve decided what business you’re in, we will work to ensure that you don’t get stuck holding a product no one wants; this is where you stack the deck so your launch day is set up to blast off. 7. Launch. Your first product is ready to launch. What do you do now? Do you just let it ride? No. Here’s where building relationships and a few strategic marketing tips will take your business from a single product to a world-class brand, as we cover what you need to do to reach the key growth point of twenty-five sales per day.

The belief in the growing global pie eventually turned revolutionary. In 1776 the Scottish economist Adam Smith published The Wealth of Nations, probably the most important economics manifesto of all time. In the eighth chapter of its first volume, Smith made the following novel argument: when a landlord, a weaver, or a shoemaker has greater profits than he needs to maintain his own family, he uses the surplus to employ more assistants, in order to further increase his profits. The more profits he has, the more assistants he can employ. It follows that an increase in the profits of private entrepreneurs is the basis for the increase in collective wealth and prosperity. This may not strike you as very original, because we all live in a capitalist world that takes Smith’s argument for granted. We hear variations on this theme every day in the news. Yet Smith’s claim that the selfish human urge to increase private profits is the basis for collective wealth is one of the most revolutionary ideas in human history – revolutionary not just from an economic perspective, but even more so from a moral and political perspective. What Smith says is, in fact, that greed is good, and that by becoming richer I benefit everybody, not just myself. Egoism is altruism.

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