A Quote by Muhtar Kent
I always encourage our people and young business people that I meet to have a respect for cash, keeping some in their pockets and purses at all times. To me, that's essential.
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In so many ways, our business is very, very unique. For example, in India, people pay with cash, and we accept cash from day one. And a lot of people in India pay with cash. And that's part of our business model.
We want to use cash. The reason we haven't used our cash two years ago, we just didn't find things that were that attractive. But when people talk about cash being king, it's not king if it just sits there and never does anything. There are times when cash buys more than other times, and this is one of the other times when it buys a fair amount more, so we use it.
We need enormous pockets, pockets big enough for our families and our friends, and even the people who aren't on our lists, people we've never met but still want to protect. We need pockets for boroughs and for cities, a pocket that could hold the universe.
All this stuff doesn't happen to you for your own sake. It doesn't happen to you so you can fill your shelves with trophies or line your pockets with cash; it happens so you can have a positive influence and encourage other people.
We are quite a way off before people travel around the world without cash in their pockets. The growth of plastic and electronic transactions have tended to impact traveller's cheques rather than cash.
There are the fundamental core values of the Democratic Party, which is to work to grow the economy, to create jobs, to encourage small business, to encourage ownership, to expand access to quality health care, to enhance opportunity by making higher education more affordable to American's young people, to have our children live in safe neighborhoods, drug-free, crime-free, and a safe and clean environment, first and foremost to provide for the national defense, to protect and defend the American people, and to have accountability for our budget and for our spending.
Of course, everybody makes mistakes, and we've all been young and stupid. But people need to have a sense of respect, particularly in this business, because hundreds of people are ready to take your place at any time. Maybe some people should think about that.
People say, 'Respect your elders,' but I always go, 'Respect your young people because they are our future.'
In this business, my business, I get to meet all kinds of incredible people, fascinating people, glamorous people and sexy people and highly intellectual people. And you meet them and you go 'interesting, interesting, interesting'. They're interesting, but not very many people stop you in your tracks.
Cash is the lifeblood of your business. There are very few things in business that will kill you, but running our of cash is one of those things. You can recover from almost any other mistake, but if you run out of cash you're dead.
Ringing the cash register is not the name of the game. It's only the scorekeeper, and it's not what motivates me. I'm motivated in my business by the compliments I receive about our people, our service, and the quality of our food.
A lot of times when people meet me, theyll definitely try to make me feel young or inexperienced. Like, Its all taken care of. Teenagers are such a discerning group of people. Theyll immediately sniff out anything that feels contrived. Im, like, constantly scanning myself to see if Im some corporate executive version of a teenager. Ive developed something of a fearsome reputation. People know that if you talk down to me, I will roll my eyes or whatever.
I tend to go with things people need. Obviously with the barbershop, people will need haircuts regardless of the economy. In a down economy, I choose businesses that don't require a lot of start-up cash or a cash injection on a regular basis. They might need some initially, but not often after. Rental of properties is a good business in a down economy as people struggle with mortgages.
Throughout my business life I have always tried to keep on top of costs and protect the downside risk as much possible. The Virgin Group has survived only because we have always kept tight control of our cash. But, likewise, I also know that sometimes it is essential to break these rules and spend lavishly.
Imagine the uproar if the Federal government tried to make everyone wear a radio transmitter around their neck so we can keep track of their movements. But people happily carry their cell phones in their purses and pockets.
Sometimes when people get success they forget about the people that pointed them there or championed them into this position. I pride myself on really understanding. I wouldn't even call it keeping it real. I just call it keeping it me. When they tell me, "You're doing what you're supposed to do," it makes me go ten times even harder, because I know that there are people on the sidelines and they're watching me. They're cheering for me. I want to be the best me I could possibly be when it comes to them.
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