Quotes of All Topics . Occasions . Authors
Driving stock up from one day to the next is not what we are about. We are about building a good company and performing for the long term. I know everyone says that, that sounds trite when I repeat it that way, but that is and has always been our attitude about our business. If we do the right things, the stock price will take care of itself, and our shareholders will be rewarded.
Silicon Valley, "the largest legal creation of wealth in history," was built largely by unprofessional amateurs using math, sand, and the institutions of freedom. The Soviet Union had the greatest mathematicians on earth, and plenty of sand, but without the institutions of freedom their brilliant mathematicians were not empowered to create those devices that are changing the world.
The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.
I have discovered the most exciting, the most arduous literary form of all, the most difficult to master, the most pregnant in curious possibilities. I mean the advertisement. It is far easier to write ten passably effective Sonnets, good enough to take in the not too inquiring critic, than one effective advertisement that will take in a few thousand of the uncritical buying public.
I've always learned on-the-job, in real time. A problem comes up; I research it, and try to solve it. You can't study to be an entrepreneur; you have to develop those skills day in day out. All entrepreneurial experiences are related, whether you're selling worm poop to Wal-Mart or a grade tracking application to the public elementary school system. In the end, it's all very similar.
If I were running a company today, I would have one priority above all others: to acquire as many of the best people as I could. I'd put off everything else to fill my bus. Because things are going to come back. My flywheel is going to start to turn. And the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.
I'm amazed by the potential of more companies employing integrated philanthropic initiatives at earlier stages in their life cycle. What if this were done on an even more massive scale? Consider what would happen if a top-tier venture-capital firm required the companies in which it invested to place 1% of their equity into a foundation serving the communities in which they do business.
I know different ways of looking at things. I have my stockholders, and I feel a very keen responsibility to the shareholders, but I feel that the main responsibility I have to them is to have the stock appreciate. And you only have it appreciate by reinvesting as much as you can back in the business. And that's what we've done... and that has been my philosophy on running the business.
I was actually a fruitarian at that point in time. I ate only fruit. Now I'm a garbage can like everyone else. And we were about three months late in filing a fictitious business name so I threatened to call the company Apple Computer unless someone suggested a more interesting name by five o'clock that day. Hoping to stimulate creativity. And it stuck. And that's why we're called Apple.
We're living in a world now where consumers are bombarded with thousands of commercial messages - they're everywhere you look. Unless you can cut through that and engage someone, I think you are lost. Consumers are now clearly in control. They control what they hear and see, when, and where. You have to find ways to allow them to actively engage with you, or the money you spend is wasted.
We believe that there is one economic lesson which our twentieth century experience has demonstrated conclusively-that America can no more survive and grow without big business than it can survive and grow without small business.... the two are interdependent. You cannot strengthen one by weakening the other, and you cannot add to the stature of a dwarf by cutting off the legs of a giant.
There is too great a tendency (perhaps encouraged by popular journalism) to deal with the dramatic moments, forgetting that these are not always the most significant moments. ... To find the significant rather than the dramatic features of industrial controversy, of a disagreement in regard to policy on board of directors or between managers, is essential to integrative business policies.
Let's say you have $1,000,000 tied up in your little company and suddenly your advertising isn't working and sales are going down. And everything depends on it. Your future depends on it, your family's future depends on it, other people's families depend on it. Now, what do you want from me? Fine writing? Or do you want to see the goddamned sales curve stop moving down and start moving up?
...making profits is important because it keeps all our people in jobs and, you know, it keeps what we - what we've created going, but, you know, what we're - what I get my - what I'm proud about doing is creating companies which we're really proud of, you know, which we can really be proud of and a byproduct of that hopefully will be that they'll be profitable and be able to pay the bills.
If the boss is a jerk, get over it. First of all, don't you think there's a good chance that your boss's boss knows what's going on? If so, just keep your head down and do the work. Usually, if you put in maximum effort and produce excellent results, someone in the company is going to take notice. Either you will get promoted or your jerky boss will get the heave-ho. It happens all the time.
When I explain our company values and the foundation to prospective employees, they realize that they have an opportunity to do much more than change the way businesses manage and share information. When you take a workforce of smart, creative, dedicated people and say "take this company time to serve your community, and bring along your coworkers, customers, and partners" great things happen.
[On dishonest business methods:] ... frequently the defender of the practice falls back on the Christian doctrine of charity, and points out that we are erring mortals and must allow for each other's weaknesses! - an excuse which, if carried to its legitimate conclusion, would leave our business men weeping on one another's shoulders over human frailty, while they picked one another's pockets.
Governments can can send inspectors to companies. Governments can put legal requirements in place to disclose information that consumers and workers and other interested people need. Non-governmental organizations don't have that legal power and to me, that's what imposes substantial limitiations on how far we can go with trying to keep corporations accountable though non-governmental measures.
Oh Lord, there it is again. The question;" What kind of business should I start?" Incidentially, it has a twin that also sets me off: "What should I specialize in during the second year of my MBA studies?" Sorry, but those are two of the most profoundly upsetting questions anyone can ask - upsetting because the answer should be obvious: Do what turns you on, not what the statistics say is best.
if you wish to train yourself for higher executive positions, the first thing for you to decide is what you are training for. Ability to dominate or manipulate others? That ought to be easy enough, since most of the magazines advertise sure ways of developing something they call 'personality.' But I am convinced that the first essential of business success is the capacity for organized thinking.
I think the most important CEO task is defining the course that the business will take over the next five or so years. You have to have the ability to see what the business environment might be like a long way out, not just over the coming months. You need to be able to both set a broad direction, and also to take particular decisions along the way that make that broad direction unfold correctly.
The problem with the Internet startup craze isn't that too many people are starting companies; it's that too many people aren't sticking with it. That's somewhat understandable, because there are many moments that are filled with despair and agony, when you have to fire people and cancel things and deal with very difficult situations. That's when you find out who you are and what your values are.
The surprise of the fight on the long day, of the experiments with the shorter one, has been not only that the business could stand it, but that the business thrived under it as surely as the man did. It is but another of the proofs which are heaping up in American industry to-day that whatever is good for men and women - contributes to their health, happiness, development - is good for business.
The only leverage the manufacturer can apply to the retailer is his relationship with the consumer. And the main element in profit growth is going to have to lie in making his brand more valuable to the retailer, through its being more valuable to the consumer. And that means his brand must be unique, it must have no adequate direct substitutes - because it is in this, after all, that value lies.
If I were to try to read, much less answer, all the attacks made on me, this shop might as well be closed for any other business. I do the very best I know how - the very best I can; and I mean to keep doing so until the end. If the end brings me out all right, what's said against me won't amount to anything. If the end brings me out wrong, ten angels swearing I was right would make no difference.
"Patents make our product defensible." The optimal number of times to use the P word in a presentation is one. Just once, say, "We have filed patents for what we are doing." Done. The second time you say it, venture capitalists begin to suspect that you are depending too much on patents for defensibility. The third time you say it, you are holding a sign above your head that says, "I am clueless."
It's important not to overstate the benefits of ideas. Quite frankly, I know it's kind of a romantic notion that you're just going to have this one brilliant idea and then everything is going to be great. But the fact is that coming up with an idea is the least important part of creating something great. It has to be the right idea and have good taste, but the execution and delivery are what's key.
None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."
To know oneself is the first step toward making flow a part of one's entire life. But just as there is no free lunch in the material economy, nothing comes free in the psychic one. If one is not willing to invest psychic energy in the internal reality of consciousness, and instead squanders it in chasing external rewards, one loses mastery of one's life, and ends up becoming a puppet of circumstances.
You cannot do a goal. Long-term planning and goal-setting must therefore be complemented by short-term planning. This kind of planning requires specifying activities. You can do an activity. Activities are steps along the way to a goal. Let's say you desire security. Putting $10.00 in the bank or talking to your stockbroker about your investment plans are activities that will move you toward your goal.
We really began to think in different ways about our business in terms of climbing this mountain and it became very clear very quickly this was the smart thing to do. Not only did we start to generate answers for those customers, they embraced us for what we were trying to do. The goodwill in the market place has just been stunning. The rest of the business case is pretty simple. I cost it down not up.
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.
We create institutions and policies on the basis of the way we make assumptions about us and others. We accept the fact that we will always have poor people around us. So we have had poor people around us. If we had believed that poverty is unacceptable to us, and that it should not belong to a civilized society, we would have created appropriate institutions and policies to create a poverty-free world.
I think Google's founders are both a couple of guys with some high ideals which have been to some degree reflected in the way the company has been run in terms of its having a very good workplace and good employee programs, and now that they're going public they want in some ways to be able to ensure that that kind of approach continues. So they've effectively put in place this notion of "Don't Be Evil".
Unfortunately, they develop a fixed mindset that they're the most talented, and they think that continued success is a right. Problems arise because pure talent only works as long as the going is easy. Furthermore, they don't take risks because failure would harm their image of being the best, brightest, and most talented. When they do fail, they deny it or attribute it to anything but their shortcomings.
I honor businesses for what they do, I honor nonprofits for what they do, I honor government for what it does, and then I invite everyone to the table so that together we can come up with innovative and broad-based solutions that can serve as many people as possible. The fewer or less diverse voices you invite to the table, the smaller and narrower your solution will be and the fewer people it will serve.
Reverence for life . . . does not allow the scholar to live for his science alone, even if he is very useful . . . the artist to exist only for his art, even if he gives inspiration to many. . . . It refuses to let the business man imagine that he fulfills all legitimate demands in the course of his business activities. It demands from all that they should sacrifice a portion of their own lives for others.
The new female is competent in all that she chooses. She chooses whatever her heart tells her. She can create a business, lead a country, drive a truck, hammer nails, deliver mail, or raise a family. She is at home in every social and physical environment. She can be a housewife, if she chooses. She can be anything else, too. She is intuitive and heart centered. She is all that a female has been, and more.
Conscious means "having an awareness of one's inner and outer worlds; mentally perceptive, awake, mindful." So "conscious business" might mean, engaging in an occupation, work, or trade in a mindful, awake fashion. This implies, of course, that many people do not do so. In my experience, that is often the case. So I would definitely be in favor of conscious business; or conscious anything, for that matter.
I also think that employees these days expect less of a separation of work and personal life. That doesn't mean that work tasks should encroach upon our personal time, but it does mean that employees today expect more from the companies for whom they work. Why shouldn't your workplace reflect your values? Why is "giving back" not a part of our jobs? The answer for us is to integrate philanthropy with work.
I think the important thing to learn is that we can retain a sentimental loyalty to the cultural and literary traditions of, say, Judaism, Anglicanism or Islam, and even participate in religious rituals such as marriages and funerals, without buying into the supernatural beliefs that historically went along with those traditions. We can give up belief in God while not losing touch with a treasured heritage.
The challenge here is to design a system where market incentives, including profits and recognition, drive those principles to do more for the poor. I like to call this idea creative capitalism, an approach where governments, businesses, and nonprofits work together to stretch the reach of market forces so that more people can make a profit, or gain recognition, doing work that eases the world's inequities.
You ask whether I have ever been in love: fool as I am, I am not such a fool as that. But if one is only to talk from first-hand experience, conversation would be a very poor business. But though I have no personal experience of the things they call love, I have what is better - the experience of Sappho, of Euripides, of Catallus, of Shakespeare, of Spenser, of Austen, of Bronte, of anyone else I have read.
The downside, of course, is that over time religions become encrusted with precepts and ideas that are the antithesis of soul, as each faith tries to protect its doctrines and institution instead of nurturing the evolution of consciousness. If one is not careful to distinguish the genuine insights of a religion from its irrelevant accretions, one can go through life following an inappropriate moral compass.
While our managers debated what steps to take to address the sales and cash-flow crisis, I began to lead week-long employee seminars in what we called Philosophies. We'd take a busload at a time to places like Yosemite or the Marin Headlands above San Francisco, camp out, and gather under the trees to talk. The goal was to teach every employee in the company our business and environmental ethics and values.
Believing that fundamental conditions of the country are sound and there is nothing in the business situation to warrant the destruction of values that has taken place on the exchanges during the past week, my son and I have for some days been purchasing sound common stocks. We are continuing and will continue our purchases in substantial amounts at levels which we believe represent sound investment values.
Observing and understanding the social media phenomenon is one thing-leveraging this trend for advertising purposes is quite another. While most companies recognize the value of social media advertising opportunities, not many have figured out how to execute these kinds of campaigns and the unique risks they entail because of the potential that a viral marketing effort can backfire and actually harm a brand.
This is the welfare generation, and that is incredibly sad. That will be judged in history as being far worse, I believe, than the stolen generation, because we are literally losing thousands and thousands of our indigenous brothers and sisters to the effects of welfare – drugs, gunja, low morale, alcoholism. I see it everyday and it can stop. The solution is education, training and a guaranteed opportunity.
Competition is. In every business, no matter how small or how large, someone is just around the corner forever trying to steal your ideas and build his success out of your imagination, struggling after that which you have toiled endless years to secure, striving to outdo you in each and every way. If such a competitor would work as hard to originate as he does to copy, he would much more quickly gain success.
Local brands evoke national pride, are seen as less profit-oriented, and are often formed on deep local insights. But quality worries persist, innovation is questioned, the information can be woefully inadequate, they are sometimes seen to be opaque and their advertising is clearly recognised as not being of a global standard. For local brands, quality, innovation and transparency are critical hills to climb.