A Quote by Reid Hoffman
The key thing for all businesses, and especially of course technology businesses or businesses that employ technology as a key kind of strategic advantage, is you always have to be investing in the future.
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There are only two kinds of businesses in this world: Businesses in crazy competition, and businesses that are one of a kind.
There is a science to managing high tech businesses, and it needs to be respected. One of them is that in technology businesses, leadership is temporary. It's constantly recycling. So the asset has limited lifetime.
People generally think of technology simply as a spur to start new businesses. But the Internet has also made it possible for more businesses to compete for any given opportunity.
I think that today, more so than ever, corporate responsibility is the best strategic as well as financial path that most businesses can follow. For most businesses there are both compelling reasons to be responsible and compelling statistics that validate that responsible businesses do better according to traditional financial metrics. Of course, how you define "responsible" is somewhat of a conundrum.
At Reliance, we have always believed in investing in the businesses of the future and in investing in talent.
We targeted five industries for growth, industries where we have natural advantages in North Dakota: value-added agriculture, advanced manufacturing, technology-based businesses, energy and tourism. We worked very hard to grow all those businesses, and that's what's happening.
The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.
For me, one of the highlights of being in the private equity world is that you need to learn a lot and very quickly about different businesses. So it's always a continuing learning experience where you can apply what you know, of course, by way of judgment and by way of numerical analysis. You're always investing in new businesses, which is a learning experience in itself. I think that is a wonderful thing and I think it makes for intellectual challenge and for continued personal growth. That, for me, is the highlight of this job.
If you look at America, one of the great strengths of America is its university towns and the way a lot of their businesses and a lot of their innovation and enormous economic growth have come from reducing that gap, getting those universities directly involved in start-up businesses, green field businesses, new development businesses.
When thinking about how to deploy kind of professional and social networking into your business, it's really not a question of if, it's a question of when. And the reason is, just think about the fact that those businesses that adopt new technologies to operate efficiently and use them to get a competitive edge are the businesses that in fact, you know, it becomes one more competitive advantage. Whether it's a fax machine or a mobile phone or a new way of doing financing or any of these things, you know, these are key things to do.
I think if you look at the commonalities between eBay, PayPal and OpenTable, all three are businesses that built a network in a vertical. Network effect businesses are very attractive businesses.
At the end of the day local authorities are responsible for economic growth in their area. They don't buy and sell businesses, they don't build businesses, what they do is work to attract businesses their area, through a combination of things.
I don't have a lot of time for managing [my businesses], so I put a lot of trust in people I hire to manage my businesses. I can't necessarily attend to [the businesses] while I'm in season. We swap ideas on how we can improve and deliver a better product.
Because I work with entrepreneurs who own businesses, I have found Doug Tatum's No Man's Land to be a really helpful body of working knowledge. It's very applicable to most businesses that have the usual problems of growing businesses - managing people, capital, markets, etc.
As I examine progressive revenue options, I want to make sure wealthy individuals and businesses pay their fair share, that we reduce the burden on low-income and middle-class families, and not drive businesses from Chicago or create a disincentive for businesses to invest in our city.
Then by the springtime, you'll see us moving an effort to cut taxes for working families, small businesses and family farms to reform our business taxes in this country so that American businesses can compete more effectively with businesses around the world.
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