Staying on Top
You go to any MBA program, and you will be taught the theory of the firm, that the purpose of the firm is the maximization of return on invested capital. I always thought this was a kind of lunacy. A well-managed business will have a high return on invested capital. But that’s a consequence. It’s not a way to manage a business.
Profit is like oxygen, food, water, and blood for the body. They are not the point of life, but without them, there is no life.
Success is a lousy teacher. It seduces smart people into thinking they can’t lose.
It’s now three or four years later, maybe longer. You had a great vision, addressed a critical market scarcity with a brilliantly disruptive business ...