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Paul137's avatar

I admire entrepreneurs; ultimately, they've made the modern world. (Unfortunately, I don't think I've had an entrepreneurial idea in my long life.)

One knee-jerk, drooling reaction to entrepreneurialism/business is that it generates **profits** [sometimes]. Quelle horror! "People are more important than profits."

Anyway, this brings to mind a Kevin Williamson quote from 2010. It seems pertinent:

"Profits are evidence of the creation of social value.

"It’s kind of interesting, a sort of society-wide science experiment: Nobody really knows what will create social value, so businesses just throw their best ideas out there into the marketplace, which is basically a big social-value laboratory, and see which hypotheses fly. A lot of success happens by accident: Take eBay, which was not really meant to be eBay, originally: The company’s founders thought that the underlying Internet-retailing software was going to be their profitable product, and the actual auction site was set up mostly just to demonstrate how well the software worked. (Seriously: The name “eBay” started as a joke about ebola — not exactly a Harvard case study of a marketing plan.) Some businesses get it right, some get it wrong. Some entrepreneurs have really good ideas, some are daft, and some are really lucky in spite of themselves — but nobody knows in advance how things will turn out. What really helps to ensure that businesses create social value is competition among firms. If a business is not producing social value (social value = what society values), it fails, and its competitors succeed. So goes the theory. You know how theories are."

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Tom Burnett's avatar

…Christmasy blob…

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