A Quote by Stanley Druckenmiller
With my business, the way you make big money is you find a great management team and a good concept, and you stick to it, and you add to it over time. In philanthropy, there was more this idea that once an idea was formulated, you moved along.
Related Quotes
When starting a new business, people get blinders on. They have an idea, they stick to the idea, but they don't test it or check with their potential audience to see if this is a good idea. It happens all the time. Talk to your customers, see what they like and what you can change or not change.
Most of the pilots I choose do not have high-concept ideas, so for me it's not the idea as much as the execution of the idea, and if the idea, like you take a bar in Boston, that's not a high-concept idea. But if it's executed well, it makes a great show.
In our experience, what we have found is the rare commodity is a good management team. And good management teams manage through good and bad cycles and manage to grow their business over a long period of time.
Get a job and when you earn a little bit of money, then you can do more good. Then bringing your values doesn't mean you have to compromise yourself. You got to get over this idea that you can't work for a big corporation, or for big oil or bigger pharma, because actually, those are some of the great jobs are and you can do good there.
There's some people who say big philanthropy is not such a good idea, meaning that somehow you have enormous power and you're not elected and that that may not be such a good idea to have people with enormous wealth to have so much influence.
Benjamin Franklin and the whole idea of a new attitude to money: "Time is money." He invented that idea. Before that, time wasn't money in the same way; in the medieval age it was regarded as sinful for money to be the object of your life.
With the policymaking process, you have an idea, and you try to sell other stakeholders on the idea. That's not much different than in business, where you're trying to find capital to make your idea a reality.
I have to sit alone in a room and be alone with my own thoughts. It always starts with an idea, and once the idea grows, I have a concept of what I want to say, and once I go out there and start feeling the energy, that concept grows and becomes whatever it is.
You can't expect every idea of yours to stick or even come to fruition, you have to make sacrifices for the greater good of the team.
I find that it's almost essential to fall in love with an idea to invest the time it takes to make it good and worth sharing. And then, the hard part: deleting that idea when it's just not what it could be. Too often, organizations are good at the first part, but struggle with the second. And so we defend expired business models, support the status quo and have a knee-jerk inclination to preserve what we've got.
A great idea can't succeed without a great operator. But rarely can a great operator squeak by with a bad idea. So, as pithy as it sounds to say 'It's all about the people,' I only invest when I think I have found the right team for the right business.
I heard of the word 'rainmaker.' It means one particular star who could make a company or project rich and successful. Someone that makes it rain with money. I thought it was a really good concept, so I took over that idea to become the rainmaker.
If you were a man, you'd go into business
for yourself. I know a fellow who started out last year with just a
canoe. Now he's got more women than you can shake a stick at, if
that's your idea of a good time.
Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a really good idea. You must avoid the nonsense that is conventional in one's own time. It requires developing systems of thought that improve your batting average over time.
Akin to the idea that time is money is the concept, less spoken but as commonly assumed, that we may be adequately represented by money. The giving of money has thus become our characteristic virtue. But to give is not to do. The money is given in lieu of action, thought, care, time.
Good money management alone isn't going to increase your edge at all. If your system isn't any good, you're still going to lose money, no matter how effective your money management rules are. But if you have an approach that makes money, then money management can make the difference between success and failure.
Related Authors
Bill Gates Quotes
American
Businessman
Charlie Munger Quotes
American
Businessman
Dieter F. Uchtdorf Quotes
German
Businessman
Henry Ford Quotes
American
Businessman
Jim Rohn Quotes
American
Businessman
Joseph B. Wirthlin Quotes
American
Businessman
Mark Cuban Quotes
American
Businessman
Mark Zuckerberg Quotes
American
Businessman
Peter Drucker Quotes
American
Businessman
Richard Branson Quotes
British
Businessman
Russell Simmons Quotes
American
Businessman
Sam Altman Quotes
American
Businessman
Steve Jobs Quotes
American
Businessman
Tom Peters Quotes
American
Businessman
Walt Disney Quotes
American
Businessman
Warren Buffett Quotes
American
Businessman