A Quote by Mohnish Pabrai
Entrepreneurs are great at dealing with uncertainty and also very good at minimizing risk. That's the classic great entrepreneur.
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Good entrepreneurs can manage, but no one but an entrepreneur can entrepreneur, let alone help build and lead the world's community of leading social entrepreneurs and their top business entrepreneur allies.
Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
The classic problem as an entrepreneur is that they have a hard time delegating. But that's really crazy. Recruiting other executives is critical, so is dealing with customers and dealing with regulators. Those are functions that only the top founders can do.
Wayne Downing is also a great leader, has served our nation very well, and I think it's great that he's coming back to join a very capable administration already of dealing with this problem, and it will just strengthen that team.
What would I advise an aspiring young entrepreneur? Certainly I'd say read the works of great entrepreneurs and investors like Ben Horowitz, Peter Thiel, and many others. But what's more important is to get real experience at a great startup.
If you look at the careers of great entrepreneurs and you look at the moment they took their plunge, the plunge is rarely a great financial or material risk, it’s a social risk. At the moment they started their new businesses, everyone around them said ‘you’re an idiot’.
One skill of a great entrepreneur is to get a whole complicated discussion and then say, 'We're going to do this one and we're only going to do this one'. Managers are good at prioritizing. Entrepreneurs know what is the one thing.
Basically if you study entrepreneurs, there is a misnomer: People think that entrepreneurs take risk, and they get rewarded because they take risk. In reality entrepreneurs do everything they can to minimize risk. They are not interested in taking risk. They want free lunches and they go after free lunches.
There has to be more pressure on entrepreneurs, when they create great value, to give back. I always bank on an entrepreneur to give back and get great results versus giving that same money to the government.
It's a great story for us whenever an entrepreneur makes a crazy amount of money and we get to tell the world about it. For the entrepreneur? Not so much. Hitherto unknown relatives, entrepreneurs seeking angel investments, money managers and supposed baby-mamas all come out of the woodwork with dollar signs in their eyes.
Sergio Ramos is very good. I know him very well: great defender, great with the ball. Van Dijk is also the same: so strong, very good in the air, scores goals. Two big players.
I think a great entrepreneur is learning every day. An entrepreneur is somebody that doesn't take no for an answer - they're going to figure something out. They also take responsibility. They don't blame anybody else. And they're dreamers in one sense but they're also realistic and they take affordable steps when they can.
I'm generally risk averse, and most great entrepreneurs I know are as well.
Not only do you need great lyrics, a great message, a great story, great vocals, great chords... you also need great instrumentation, great editing, great sonics, great mixing, and great mastering. It all comes together to make something truly great, and I think each element combines together to create a powerful impact on the consumer.
Business is a creative and therefore spiritual endeavor. Great entrepreneurs enter the field of business in the same way great artists enter the field of art. With their business creation, entrepreneurs express their spiritual desire for self-realization, evolutionary passion for self- fulfillment, and creative vision of a new world. The entrepreneur's business is their artwork. The creation of business is as creative as any creation in art. In fact, building a business may be the most creative human activity.
One misconception is that entrepreneurs love risk. Actually, we all want things to go as we expect. What you need is a blind optimism and a tolerance for uncertainty.
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