Malcolm Gladwell on entrepreneurship (from 2010)
Eric Barker stashed this in New Yorker
GREAT find! I love an article that starts with this...
In 1969, Ted Turner wanted to buy a television station. He was thirty years old. He had inherited a billboard business from his father, which was doing well. But he was bored, and television seemed exciting. "He knew absolutely nothing about it," one of Turner's many biographers, Christian Williams, writes in "Lead, Follow or Get Out of the Way" (1981). "It would be fun to risk everything he had built, scare the hell out of everybody, and get back in the front seat of the roller coaster."
...and just gets better from there.
I like this passage:
This is consistent with the one undisputed finding in all the research on entrepreneurship: people who work for themselves are far happier than the rest of us. Shane says that the average person would have to earn two and a half times as much to be as happy working for someone else as he would be working for himself. And people who like what they do are profoundly conservative. When the sociologists Hongwei Xu and Martin Ruef asked a large sample of entrepreneurs and non-entrepreneurs to choose among three alternatives—a business with a potential profit of five million dollars with a twenty-per-cent chance of success, or one with a profit of two million with a fifty-per-cent chance of success, or one with a profit of $1.25 million with an eighty-per-cent chance of success—it was the entrepreneurs who were more likely to go with the third, safe choice. They weren't dazzled by the chance of making five million dollars. They were drawn to the eighty-per-cent chance of getting to do what they love doing. The predator is a supremely rational actor. But, deep down, he is also a romantic, motivated by the simple joy he finds in his work.
Wow good or wow bad?