Entrepreneurship – Page 139 – artdiamondblog.com

It Does Not Take a Government to Raise a Railroad

(p. A17) . . . , All Aboard Florida (the train will get a new name this year), is not designed to push political buttons. It won’t go to Tampa. It will zip past several aggrieved towns on Florida’s Treasure Coast without stopping.
Nor will the train qualify as “high speed,” except on a stretch where it will hit 125 miles an hour. Instead of running on a dedicated line, the new service will mostly share existing track with slower freight trains operated by its sister company, the Florida East Coast Railway.
But the sponsoring companies, all owned by the private-equity outfit Fortress Investment Group, appear to have done their sums. By minimizing stops, the line will be competitive with road and air in connecting the beaches, casinos and resorts of Miami and Fort Lauderdale with the big airport and theme-park destination of Orlando. Capturing a small percentage of the 50 million people who travel between these fleshpots, especially European visitors accustomed to intercity rail at home, would let the train cover its costs and then some.
But Fortress has a bigger fish in the pan. Its local operation, Florida East Coast Industries, is a lineal progeny of Henry Flagler, the 1890s entrepreneur who created modern Florida when he built a rail line to support his resort developments. Flagler’s heirs are adopting the same model. A Grand Central-like complex will rise on the site of Miami’s old train station. A similar but smaller edifice is planned for Fort Lauderdale.
The project is a vivid illustration of the factors that have to fall in place to make passenger rail viable nowadays. If the Florida venture succeeds, it would be the only intercity rail service anywhere in the world not dependent on government operating subsidies. It would be the first privately run intercity service in America since the birth of Amtrak in 1971.

For the full commentary, see:
HOLMAN W. JENKINS, JR. “BUSINESS WORLD; A Private Railroad Is Born; All Aboard Florida isn’t looking for government operating subsidies.” The Wall Street Journal (Weds., Jan. 15, 2014): A17.
(Note: ellipsis added.)
(Note: the online version of the commentary has the date Jan. 14, 2014.)

Carnegie Said “Socialism Is the Grandest Theory Ever Presented”

More on why Andrew Carnegie is not my favorite innovative entrepreneur:

(p. 257) “But are you a Socialist?” the reporter asked.

Carnegie did not answer directly. “I believe socialism is the grandest theory ever presented, and I am sure some day it will rule the world. Then we will have obtained the millennium…. That is the state we are drifting into. Then men will be content to work for the general welfare and share their riches with their neighbors.”
“‘Are you prepared now to divide your wealth’ [he] was asked, and Mr. Carnegie smiled. ‘No, not at present, but I do not spend much on myself. I give away every year seven or eight times as much as I spend for personal comforts and pleasures.”

Source:
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: ellipsis, and bracketed pronoun, in original.)
(Note: the pagination of the hardback and paperback editions of Nasaw’s book are the same.)

“Innovation” Word “Is Way Over-Used”

Source of Pop-Tarts image: http://cdn.foodbeast.com.s3.amazonaws.com/content/wp-content/uploads/2013/05/poptarts.png

(p. B1) It measures nearly 3 inches by 5 inches, and it’s made from enriched flour, corn syrup and creamy peanut butter.

This is Kellogg’s Gone Nutty! peanut butter Pop-Tart. If you agree with Kellogg CEO John Bryant, it’s one of the cereal company’s important products of 2013. He went so far as to call it an innovation.
Listen to the chiefs of America’s biggest companies, and you’ll find the Gone Nutty! Pop-Tart has plenty of company. Most CEOs now spray the word “innovation” as if it were an air freshener. A little spritz can’t hurt.
In the last three months, CEOs of S&P 500 companies have put the “innovation” word on Peony & Blush Suede perfume, premium potash and higher-alcohol Miller beer. “Innovation” also describes Dun & Bradstreet credit reports and PetSmart’s temporary tattoos for pets.
Back in 2007, 99 companies in the S&P 500 mentioned innovation in their third-quarter conference calls, according to reviews of transcripts from Capital IQ. This year the number was 197.
When Boston Consulting Group asked 1,500 executives to rank their company innovation from 1-10, more than two-thirds rated themselves a seven or higher.
The word “is way overused,” says International Paper CEO John Faraci.
. . .
(p. B8) As for the peanut butter Pop-Tarts, a Kellogg spokeswoman says that it had long been one of the most-requested new flavors.
“Development challenges and nut-allergy concerns stood in the way of launching this innovation. Since its launch, Pop-Tarts Gone Nutty has exceeded our expectations.”
There’s nothing wrong with keeping pace. It’s what companies must do. But it’s worth asking at your company, no matter what words the CEO uses: Where does survival end
and real innovation begin?

For the full commentary, see:
DENNIS K. BERMAN. “THE GAME; Is a Peanut Butter Pop-Tart an Innovation?” The Wall Street Journal (Weds., December 4, 2013): B1 & B8.
(Note: ellipsis added.)
(Note: the online version of the commentary has the date December 3, 2013.)

Trying to Inspire “Parents to Raise More Walts and Roys”

“A rendering of the Walt Disney Birthplace, a planned private museum in Chicago.” Source of caption and photo: online version of the NYT article quoted and cited below.

(p. C3) LOS ANGELES — The on-again-off-again campaign to turn Walt Disney’s Chicago birthplace into an attraction has taken an unexpected new turn. And two theme park ride designers who mostly work for Disney rivals are at the wheel.
. . .
“We don’t want to disrupt the neighborhood with a big attraction,” Mr. Young said. “But we’re also not interested in just putting a plaque on a house.” Ms. Benadon added: “Our dream is that this house becomes a place that inspires creativity. We want to inspire parents to raise more Walts and Roys.”
The couple have worked on attractions like SeaWorld shows; Madagascar: A Crate Adventure, a water ride at Universal Studios Singapore; and theme parks in China that are seeking to compete with Shanghai Disneyland, which is under construction.
. . .
So far, . . . , they have not contacted the Walt Disney Company. “We wanted to do this ourselves,” Ms. Benadon said.
. . .
But Ms. Benadon and Mr. Young do have one important ally: Roy P. Disney, whose grandfather, Roy O. Disney, and great-uncle, Walt, founded the company. “On behalf of the Disney family,” Mr. Disney said in a statement, “we are so pleased to see Walt Disney’s historic birthplace and family home being restored to its humble origins.”

For the full story, see:
BROOKS BARNES. “A Chance to Step Into Disney’s Childhood.” The New York Times (Weds., December 4, 2013): C3.
(Note: ellipses added.)
(Note: the online version of the story has the date December 3, 2013.)

Carnegie “Spoke Positively of Socialism”

Carnegie is a mixed bag for several reasons. Here is one more:

(p. 256) “A MILLIONAIRE SOCIALIST. MR. ANDREW CARNEGIE PROCLAIMS IN FAVOR OF SOCIALISTIC DOCTRINES.” So read the headline of the January 2, 1885 front-page story in the New York Times, occasioned by Carnegie’s remarks “in favor of Socialism” at the December meeting of the Nineteenth Century Club. One of the guests at that meeting was John Swinton, the publisher of a rather obscure radical weekly named Swinton’s. Swinton invited Carnegie to sit for an interview and again he spoke positively of socialism.

Source:
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: the pagination of the hardback and paperback editions of Nasaw’s book are the same.)

Twitter Founders Were Outsiders and Unafraid of Risk

Source of the book image: http://s.wsj.net/public/resources/images/BN-AF602_bkrvtw_GV_20131031131314.jpg

(p. 20) . . . “Hatching Twitter,” a fast-paced and perceptive new book by Nick Bilton, a columnist and reporter for The New York Times, establishes that uncertainty and dissension about its true purpose has characterized Twitter from its inception.
. . .
The company was financed by Williams, who made a bundle selling Blogger to Google and was intent on proving he wasn’t a one-hit wonder. It rose from the ashes of a failed podcasting enterprise, Odeo, which Williams had bankrolled as a favor to his friend Noah Glass. Bilton sketches the founders’ backgrounds and personalities in quick, skillful strokes that will serve the eventual screenwriter, director and storyboard artist well; these are characters made for the big screen.
None came from money. Ev Williams was a shy Nebraska farm boy whose parents never really understood their socially awkward, computer-obsessed son.
. . .
Having known hardship, none of the four founders were afraid of risk. To join the ill-fated Odeo, Stone walked away from a job at Google, leaving more than $2 million in unvested stock options on the table.
Twitter began with a conversation. Dorsey and Glass sat talking in a car one night in 2006 when Odeo was on the verge of collapse. Dorsey mentioned his “status concept,” which was inspired by AOL’s Instant Messenger “away messages” and LiveJournal status updates that people were using to mention where they were and what they were doing. Glass warmed to the idea, seeing it as a “technology that would erase a feeling that an entire generation felt while staring into their computer screens”: loneliness.

For the full review, see:
MAUD NEWTON. “Four Characters.” The New York Times Book Review (Sun., November 3, 2013): 20.
(Note: ellipses added.)
(Note: the online version of the review has the date November 1, 2013.)

Book under review:
Bilton, Nick. Hatching Twitter: A True Story of Money, Power, Friendship, and Betrayal. New York: Portfolio, 2013.

Diane Disney’s Museum Displays Walt Disney’s “Childlike Sense of Play”

“Walt Disney with his daughters Sharon, left, and Diane in 1941.” Source of caption and photo: online version of the NYT article quoted and cited below.

(p. B16) Diane Disney Miller, Walt Disney’s last surviving child, who . . . co-founded a museum dedicated to the memory of her father as a human being rather than a brand, died on Tuesday [November 19, 2013] in Napa Valley, Calif., where she had a home. She was 79.
. . .
At her death, Mrs. Miller was president of the board of the Walt Disney Family Foundation, whose mission is to ensure that her father, and not just his company, is remembered.
“My kids have literally encountered people who didn’t know that my father was a person,” she told The Times in 2009. “They think he’s just some kind of corporate logo.”
She opened the Walt Disney Family Museum in 2009, financing it through the foundation.
“The Disney Museum is far from being an airbrushed portrait,” Edward Rothstein of The Times wrote in a review of the museum, adding, “The family movies on display show, at the very least, Disney’s childlike sense of play, particularly with his two young daughters.”

For the full obituary, see:
DANIEL E. SLOTNIK. “Diane Disney Miller, 79, Keeper of Walt’s Flame.” The New York Times (Thurs., November 21, 2013): B16.
(Note: ellipses, and bracketed date, added.)
(Note: the online version of the obituary has the date November 20, 2013, and has the title “Diane Disney Miller, 79, Keeper of Walt’s Flame, Dies.” The online version substitutes the word “co-founded” for the word “founded” that appeared in the first paragraph of the print version.)

Spencer Justified Carnegie as an Agent of Progress

(p. 229) Whether they read Spencer for themselves, as Carnegie had, or absorbed his teachings secondhand, his evolutionary philosophy provided the Gilded Age multimillionaires with a framework for rationalizing and justifying their outsized material success. In the Spencerian universe, Carnegie and his fellow millionaires were agents of progress who were contributing to the forward march of history into the industrial epoch. Carnegie was not exaggerating when he proclaimed himself a disciple of Spencer and referred to him, in almost idolatrous terms, as his master, his teacher, one of “our greatest benefactors,” and the “great thinker of our age.”

Source:
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: the pagination of the hardback and paperback editions of Nasaw’s book are the same.)

Solitude May Allow “Making Novel Connections Between Far-Flung Ideas”

Source of book image: http://ffbsccn.files.wordpress.com/2013/12/focus.jpg

(p. 16) What appears to be most at risk is our ability to experience open awareness. Always a rare and elusive form of thinking, it seems to be getting rarer and more elusive. Our modern search-engine culture celebrates information gathering and problem solving — ways of thinking associated with orienting and selective focus — but has little patience for the mind’s reveries. Letting one’s thoughts wander seems frivolous, a waste of practical brainpower. Worse, our infatuation with social media is making it harder to hear the mind’s whispers. Solitude has fallen out of fashion. Even when we’re by ourselves, we’re rarely alone with our thoughts.

In the end, we may come to see the flights and fancies of open awareness as not only dispensable but pathological. Goleman points out that the brain systems associated with creative mind-wandering tend to be “unusually active” in people with attention-deficit disorder. When they appear to be “zoning out,” they may actually be making novel connections between far-flung ideas.

For the full review, see:
NICHOLAS CARR. “Attention Must Be Paid.” The New York Times Book Review (Sun., November 3, 2013): 16.
(Note: the online version of the review has the date November 1, 2013.)

Book under review:
Goleman, Daniel. Focus: The Hidden Driver of Excellence. New York: HarperCollins Publishers, 2013.

Walt Disney’s “Job” Was to “Restore Order to the Chaos of Life”

“Emma Thompson and Tom Hanks in “Saving Mr. Banks,” directed by John Lee Hancock.” Source of caption and photo: online version of the NYT article quoted and cited below.

I’m a fan of Disney the entrepreneur and I think that Hanks does a good job of showing that side of Disney. It’s a movie made by the Disney company, but has a darker, more adult-themed, side than most “Disney” movies. It’s not on my all-time-top-10-list. But we enjoyed it, overall. (Paul Giamatti is wonderful.)

(p. C8) “Saving Mr. Banks,” released by Disney, is a movie about the making of a Disney movie (“Mary Poppins”), in which Walt Disney himself (played by Tom Hanks) is a major character. It includes a visit to Disneyland and, if you look closely, a teaser for its companion theme park in Florida (as yet unbuilt, when the story takes place). A large Mickey Mouse plush toy appears from time to time to provide an extra touch of humor and warmth. But it would be unfair to dismiss this picture, directed by John Lee Hancock from a script by Kelly Marcel and Sue Smith, as an exercise in corporate self-promotion. It’s more of a mission statement.
. . .
. . . Walt is less a mogul than a kind and reliable daddy. He dotes on his intellectual properties (the mouse, the park, the picture) as if they were his children. He wants to adapt Mrs. Travers’s novel to keep a promise to his daughters.
. . .
. . . Walt, in a late, decisive conversation, explains that their job as storytellers is to “restore order” to the chaos of life and infuse bleak realities with bright, happy colors.

For the full review, see:
A. O. SCOTT. “An Unbeliever in Disney World.” The New York Times (Fri., December 13, 2013): C8.
(Note: ellipses added.)
(Note: the online version of the review has the date December 12, 2013.)

William Abbott Thought Tom Carnegie Was a “Better Business Man” than Andrew

The relationship between Andrew and Tom Carnegie sketched in the passage below seems, in some ways, similar to the relationship between Walt and Roy Disney.

(p. 138) William Abbott, who knew both Carnegies from their early days at the Pittsburgh iron mills, thought Andrew a genius, but regarded Tom as the “better business man.” Tom, Abbott told Burton Hendrick, “was solid, shrewd, farseeing, absolutely honest and dependable.” The two brothers had very different notions about business. Andrew was the ambitious one, (p. 139) filled with new ideas; Tom “was content with a good, prosperous, safe business and cared nothing for expansion. He disapproved of Andrew’s skyrocketing tendencies, regarded him as a plunger and a dangerous leader. Tom wanted earnings in the shape of dividends, whereas Andrew insisted on using them for expansion.” There were other differences as well. While Andrew sought out publicity, Tom ran away from it. He was silent, retiring, “not a mixer in society, was tongue-tied at dinner parties and social gatherings.”

Source:
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: the pagination of the hardback and paperback editions of Nasaw’s book are the same.)