Word of mouth on the internet — in the first 30 days, we got orders from all 50 states and 45 different countries, with not a dollar of advertising, just all word of mouth.
How to know share value — if you could know for certain just two things: company’s future cash flows and its future number of shares outstanding, you would have an excellent idea of the fair value of share of that company’s stock today.
Disagree and commit — This will save alot of time, IF you have a conviction on a particular direction even though there’s no consensus, it’s helpful to say, “ look, i know we disagree on this but will you gamble with me on it? Disagree and commit?”
Keep customer informed — the world is getting increasingly transparent. That information perfection is on the rise. If you believe that, it becomes strategically smart to align yourself with the customer. If you have a business model that in part relies upon your customers being misinformed or let’s just say incompletely informed, you’d better start working on changing your business model.
Building a team — Single biggest component of bringing together a talented and diverse group of people. This is absolutely key. You attract them by giving them the opportunity to build something important, to improve customers’ lives and to change the world in some fundamental way. Great people should also be owners and they are, through generous stock-option incentives. Put in place a process that attracts and retains smart , talented, hardworking people who want to be part of your mission.
Me too — Being customer-focused allows you to be more pioneering. By doing something new and innovative for the first time has a real value for the customer. If you’re competitor-focused, you have to wait until there is a competitor doing something. Me too strategies seem not to work very well.
Pioneers and copycats — if you invent a new way of doing something, typically, if you’re lucky, you get about two years of runway before competitors copy your idea. There’s a strong case to be made for being a copier, it’s just not as satisfying or as fun!
Education drives the economy — A long time ago, people thought it was raw materials that drove the economy. Whichever country had more gold was the richest. That’s not true anymore. What drives economy is the education of the people and the innovation that they can then create.
Entertainment leads technology — Entertainment in general, including tourism, often leads new technologies rollout. Those new technologies often circle back around and get used in very important utilitarian ways.
Making the impossible possible — Von Braun said after the lunar landing, “i have learned to use the word impossible with great caution”
Role models — in life, we get a lot of rolls of the dice. One of the big rolls of the dice is who are your early role models, so i try to do that for my kids.
Regrets — most regrets, by the way, are acts of omission and not commission.
Conventional wisdom is usually right
The pursuit of happiness — We as a society start to get confused and think that we have a right to happiness. But if you read the declaration of independence, it talks about life, liberty, and the pursuit of happiness. Nobody has a right to happiness. You should have a right to pursue it, and i think the core of that is liberty.