A Quote by Reggie Fils-Aime
We, as a company, take the most risks in pushing the boundaries on consumer expectations.
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Once a company develops out of its consumer base, you will often see a well-funded multinational company come in and take over that space. The black-owned company either stays a niche company or just disappears. This is something we don't want to happen.
Who gets the risks? The risks are given to the consumer, the unsuspecting consumer and the poor work force. And who gets the benefits? The benefits are only for the corporations, for the money makers.
There are some risks we choose to take because the benefits from taking them exceed the possible costs. Optimal behavior takes risks that are worthwhile. This is the central paradigm of finance: we must take risks to achieve rewards, but not all risks are equally rewarded.
I think that's something that investment banks have worried about for a long time and are continuing to worry about, but it's not an easy solution when you have lots of people betting the company's money, how do you really allocate those risks? How do you make sure that the people that take the risks are feeling the risks in an appropriate kind of fashion?
Beats is inherently different: the company is a consumer electronics company but also a media company; a packaged goods company but also an entertainment company.
In most parts of the world, starting a company that goes bust is dubbed a 'failure.' In Silicon Valley, we call this 'gaining experience.' We are willing to take the risks that are inherent for innovation.
It's very important to take risks. I think that research is very important, but in the end you have to work from your instinct and feeling and take those risks and be fearless. When I hear a company is being run by a team, my heart sinks, because you need to have that leader with a vision and heart that can move things forward.
If designers are willing to take risks, I think buyers should take risks, as well with press taking risks.
The thing I preach constantly is do your research; build your knowledge base. Don't just go into business on a whim or a prayer - and don't think 'I'm an entrepreneur so I have to take risks'. Entrepreneurs don't take risks. They take calculated risks; only the good ones.
Most investors say "Don't take risks." The rich investor takes risks.
The trick is to take risks and be paid for taking those risks, but to take a diversified basket of risks in a portfolio.
The 'No.1 IT company' isn't by volume, it's in relation to business customers because those are my customers, not the consumer. Who do they view as their most important partner? That's my definition of the 'No.1 IT company.'
In the telecommunications, consumer products, and railway businesses, there are very real consequences if you don't meet the consumer's needs and desires. There are also substantive rewards for doing so, and especially for exceeding customer expectations.
If the head man in a company is not working 12 hours a day, doing things, taking risks, but also standing with his people in the trenches at the most difficult of times, then the company loses something.
Artists are free to push boundaries to make art. But when pushing boundaries is their only aim, the result is usually bad art.
If you go to a film festival and watch a bunch of features and then watch a bunch of shorts, you will almost always find that the shorts are where people are taking more risks and pushing more boundaries...simply because they have much less to lose.
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