| A Time for Courage and Vision |
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| Sunday, 01 August 2010 00:33 | |
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During tough economic times, especially when 9.5% of the U.S. population is unemployed, people tend to get fearful. It's fine to be thrifty and cautious, but if fear takes over, it can block the free flow of fresh new ideas. This is a time when bold and visionary people are needed the most—the risk takers who are willing to take a new idea and develop it. And if all goes well, it sometimes results in that proverbial rising tide that lifts all boats. If you've read our book,The Big Gamble: Are You Investing or Speculating?, you know that in addition to helping you discern the difference between investing and speculating, we dedicate a sizable section to the visionaries that blaze their own trails and create opportunities that lead to economic growth—the famous speculators. Often times, breakthrough ideas spring out of periods of depression, whether speaking economically or personally. Just look at history. When Fredrick Smith returned from his horrific Viet Nam experience, his emotions were frayed. . . but he had a dream. And he had the grit to pull himself up and turn that raw ragged energy into what would become Federal Express. Would anyone care to estimate the number of jobs Smith created, or measure the value that FedEx has brought to industry, the corporate world, and the global economy in general? (Smith's inspiring story begins on page 125 of our book.) Another such visionary is Sir Richard Branson. Branson was not expected to amount to much. In school his undiagnosed dyslexia was mistaken for laziness because he couldn't do simple math problems. Later, when he dropped out of school as a teenager, his headmaster bid him farewell with, "Congratulations, Branson. I predict you will either go to prison or become a millionaire." Turns out both predictions were right. (You can read more about Branson's amazing story starting on page 130 of our book.) Anyone that's familiar with Branson's Virgin brand knows that the Virgin Group consists of over 400 companies including Virgin Atlantic Airways and Virgin Galactic. Not bad for a guy that couldn't do math. Now Branson is back in the news with Virgin Money. He tried the Virgin Money business idea seven years ago—bring a new low-cost credit card to Australia and shake up the banks down under. The idea didn't get much traction then, but he's back again, this time with Citibank providing the needed infrastructure. Even with the recent banking consolidation, Australians still don't trust their remaining four big banks. There is still plenty of room for a low cost competitor to take a slice of the market share pie. Aussie banks are not prized for customer service. Branson thinks consumers deserve better, and he thinks he's the man to give it to them. But is that enough for Branson to succeed? It's too early to say. But the point is, Branson has an idea and is willing to speculate while the rest of the world waits and watches. In a sense, speculators are metaphors for canaries in the coalmine. They take the first leap forward and when they emerge with their findings, the rest of us can feel more confident about moving ahead. And frequently that means moving into new markets with new opportunities. Of course, few of us are in the same income bracket as Branson, so we're not suggesting that this is the kind of opportunity that's open to just anybody. And we're not suggesting that you start speculating unless you've done your homework and can afford to win some, lose some. But we are saying that no matter what your station in life, be open to new ideas. It's going to take some hefty visionary thinking to get this economy back on track and people back to work. Meanwhile, get inspired! ReadThe Big Gamble: Are You Investing or Speculating? |
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