What’s Your Motive?

I define the entrepreneur as one who envisions and creates a more advanced and cheaper good or service with the potential to sell in greater numbers to more people for more profit. While we tend to think of entrepreneurs as those coming up with revolutionary and break-through things that make the inventors and developers immensely rich, these individuals are rare. Bill Gates comes to mind. The extremely numerous and more common things all around us, such as cheaper yet better-built houses, were also the products dreamed up by entrepreneurs. Again, they were driven by the profit motive, and these people became affluent through their productivity, and many people benefited.

Do you agree?

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Finding the Balance

The following is an excerpt from my book “Return to Capitalism” —

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“A construct developed over the years that has proven useful in evaluating business’s health and prospects is the balance sheet and income statement. The balance sheet is a listing of assets and liabilities with the difference being the net worth, equity, or book value. This is always at a point in time. Complementing the balance sheet is the income statement of revenue and expenses with the difference being the net income. This is always for one period of time. Unspent income that accumulates from one time period to another gets added to the assets (or deficits to debt). The same format works well for individuals in studying their financial well-being, from trouble with excessive debt that threatens bankruptcy, to being wealthy.”

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