Lessons Learned About The New Economy

from the it's-risky,-dammit dept

A good article by Michael Lewis about some lessons learned from the new economy shakeout. Basically, they are all things that I’ve been talking about since before the crash, but I’m not nearly as famous as Michael Lewis. To summarize: entrepreneurship is risky, and you’d better love taking risks to do it. Venture capitalists are not your friends, or the “guides” to the new economy – they are people who want to make money, quickly. Finally, a huge percentage of the success in this world has to do with luck. Hard work, innovation, and creativity are all important, but luck is still the biggest component in determining who succeeds and who fails. Thinking otherwise is foolish.

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Comments on “Lessons Learned About The New Economy”

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Ryan says:

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I believe in luck but I feel that luck can often be weighted towards you depending on how you plan things out. A lot of people were lucky that they got out wealthy before the bubble burst but I bet that someone in the company that gave them those riches stacked the odds in their favor one way or another.

The one thing that I totally agree with is that the majority of people will think that the choices of risk lovers will eventually fail (very different to really being stupid like business plans with no clear profitability targets). The best part of it is that true entrepeneurs and companies finally have a chance to be heard above the noise again, that really gets me excited.

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