whatever it is that you want to do your
there’s going to be risk in your life
and risk is a necessary component of
progress you can make any pioneering
movements in the world of any kind
whether they be the geographical
physical exploration that I’ve just been
talking about whether it be you know a
more cerebral exploration of a
scientific field or I bet you could ask
that question of every speaker here and
I bet that every speaker here has taken
substantial risks whether it be
intellectual or otherwise to achieve
what they’re you know what they’ve done
people think that entrepreneurs take
risk and they get rewarded because they
take risk in reality entrepreneurs do
everything they can to minimize risk
they are not interested in taking risk
they want free lunches and they go after
free lunches and so if you study on any
number of entrepreneurs from Ray Kroc to
you know herb shorts at starbucks and to
even even Buffett and Munger and so on
what you’ll find is that they’ve
repeatedly made beds which are low-risk
beds which have high return
possibilities so they’re not going high
risk high return they’re going low risk
high return and even with Bill Gates for
example the total amount of capital that
ever went into Microsoft was less than
50,000 between the time it started and
today that’s the total amount of capital
that went into the company so Microsoft
you cannot say was a high-risk venture
because there was no capital deployed
but it had high uncertainty Bill Gates
could have gone bankrupt or Bill Gates
could have ended up the wealthiest
person on the Forbes 400 and he ended up
at the extreme end of the bell curve and
that’s fine but he did not take risk to
get there he was comfortable with
uncertainty so entrepreneurs are great
at dealing with uncertainty and also
very good at
minimizing risk that’s the classic great
entrepreneur my intention with this
video was just read understanding not
fighting I want you to see that it’s not
one point of view or the other you can
pull and learn from folks especially the
one that you don’t immediately resonate
with embrace the genius of the ant
there’s going to be risk in your life
and risk is a necessary component of
progress you can make any pioneering
movements in the world of any kind
whether they be the geographical
physical exploration that I’ve just been
talking about whether it be you know a
more cerebral exploration of a
scientific field or I bet you could ask
that question of every speaker here and
I bet that every speaker here has taken
substantial risks whether it be
intellectual or otherwise to achieve
what they’re you know what they’ve done
people think that entrepreneurs take
risk and they get rewarded because they
take risk in reality entrepreneurs do
everything they can to minimize risk
they are not interested in taking risk
they want free lunches and they go after
free lunches and so if you study on any
number of entrepreneurs from Ray Kroc to
you know herb shorts at starbucks and to
even even Buffett and Munger and so on
what you’ll find is that they’ve
repeatedly made beds which are low-risk
beds which have high return
possibilities so they’re not going high
risk high return they’re going low risk
high return and even with Bill Gates for
example the total amount of capital that
ever went into Microsoft was less than
50,000 between the time it started and
today that’s the total amount of capital
that went into the company so Microsoft
you cannot say was a high-risk venture
because there was no capital deployed
but it had high uncertainty Bill Gates
could have gone bankrupt or Bill Gates
could have ended up the wealthiest
person on the Forbes 400 and he ended up
at the extreme end of the bell curve and
that’s fine but he did not take risk to
get there he was comfortable with
uncertainty so entrepreneurs are great
at dealing with uncertainty and also
very good at
minimizing risk that’s the classic great
entrepreneur my intention with this
video was just read understanding not
fighting I want you to see that it’s not
one point of view or the other you can
pull and learn from folks especially the
one that you don’t immediately resonate
with embrace the genius of the ant
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