Category: Entrepreneurship

Robert Morris Financed the Revolutionary War, and Private Ventures, But Ended in Debtors’ Prison

(p. C7) The Philadelphia merchant banker Robert Morris, reputedly the richest man in Revolutionary America, performed prodigies in financing the war and then staving off the new country’s insolvency. He was bullish on America’s future, and when he returned to private life in 1784, he initiated a variety of ventures–a fleet of ships trading with China and India, multiple manufacturing enterprises, and, not least, vast assemblages of unimproved interior land–that eventually landed him in debtors’ prison. Ryan K. Smith offers a readable and enlightening portrait of this busy and turbulent life in “Robert Morris’s Folly.”

For the full review, see:
CHARLES R. MORRIS. “Financing the Founders; Morris built a French-style palace out of Pennsylvania logs in the hope that Marie Antoinette would visit.” The Wall Street Journal (Sat., AUG. 30, 2014): C7.
(Note: the online version of the review has the date AUG. 29, 2014, and has the title “Book Review: ‘Robert Morris’s Folly’ by Ryan K. Smith; Robert Morris built a French-style palace out of Pennsylvania logs in the hope that Marie Antoinette would visit.”)

The book being reviewed is:
Smith, Ryan K. Robert Morris’s Folly: The Architectural and Financial Failures of an American Founder, The Lewis Walpole Series in Eighteenth-Century Culture and History. New Haven, CT: Yale University Press, 2014.

Japanese Try to Sell the iPhone of Toilets in United States

(p. B8) TOKYO–Yoshiaki Fujimori wants to be the Steve Jobs of toilets.
Like iPhones, app-packed commodes are objects of desire in Mr. Fujimori’s Japan. The lids lift automatically. The seats heat up. Built-in bidets make cleanup a breeze. Some of them even sync with users’ smartphones via Bluetooth so that they can program their preferences and play their favorite music through speakers built into the bowl.
Three-quarters of Japanese homes contain such toilets, most of them made by one of two companies: Toto Ltd., Japan’s largest maker of so-called sanitary ware, or Lixil Corp., where Mr. Fujimori is the chief executive.
Now Mr. Fujimori is leading a push to bring them to the great unwashed. In May, Lixil plans to add toilets with “integrated bidets” to the lineup of American Standard Brands, which Lixil acquired last year for $542 million, including debt.
. . .
Few people realized they needed smartphones until Apple’s iPhone came along. So it will be in the U.S. with American Standard’s new toilets, Mr. Fujimori said.
“Industry presents iPhone–industry presents shower toilet,” Mr. Fujimori said in an interview at Lixil’s headquarters in Tokyo. “We can create the same type of pattern.”
. . .
Mr. Fujimori maintained that once American consumers try such toilets, they won’t go back.
“This improves your standard of living,” he said. “It doesn’t hurt you. People like comfort, they like ease, they like automatic. And people like clean.”

For the full story, see:
ERIC PFANNER and ATSUKO FUKASE. “Smart Toilets Arrive in U.S.” The Wall Street Journal (Tues., May 27, 2014): B8.
(Note: ellipses added.)
(Note: the online version of the story has the date May 26, 2014.)

Steelcase Designs Quiet Space for Introverts to Think

(p. D2) Introverts’ nervous systems are more sensitive to stimulation than extroverts’ are, according to Susan Cain, author of “Quiet: The Power of Introverts in a World That Can’t Stop Talking.”
“When introverts get too much stimulation, they feel overwhelmed and jangled,” she said.
With no privacy or way to shield themselves from the commotion, introverts, estimated to make up one-third to one-half of the population, can feel exposed in the modern workplace. Being on display is imposing and distracting to them, Cain said.
Office furniture maker Steelcase Inc. is trying to give the left-behind introverts some love. Its new set of “quiet spaces,” designed in collaboration with Cain, aims to help introverts relax and focus away from the eyes of their coworkers.
. . .
Part of Steelcase’s pitch to potential customers: this is a talent issue. Why spend so much time and money recruiting employees if they can’t focus and work well in your space?

For the full story, see:
RACHEL FEINTZEIG. “How to Avoid that Sinking Feeling When in the Fish Bowl.” The Wall Street Journal (Tues., June 3, 2014): D2.
(Note: ellipsis added.)
(Note: the online version of the story has the date June 2, 2014, and has the title “For Office Introverts, a Room of One’s Own.”)

The book mentioned in the passage quoted is:
Cain, Susan. Quiet: The Power of Introverts in a World That Can’t Stop Talking. New York: Crown, 2012.

“Rebel” Russian Thugs Kill Plans and Entrepreneurship in Donetsk

(p. A13) “We do not go out at night,” said Irina, a journalist who lost her job when the rebels closed her newspaper in May. “We have stopped planning.”
Her boyfriend, Evgeny, lost his job, too, when his security firm folded. He said the business collapsed after the rebels seized money from the central bank and armored vehicles from other banks, leading them to close. He turned to his secondary business, fixing motorbikes, only to be ordered at gunpoint to fix some stolen motorbikes for the rebels.
“I came to the conclusion there is no sense,” he said. “You start a business and get a bit successful, and two weeks later men with guns come and say, ‘Good boy, get lost.’ “

For the full story, see:
CARLOTTA GALL. “Lured Back by a Cease-Fire in Ukraine, but Not Feeling at Home Yet.” The New York Times (Thurs., SEPT. 11, 2014): A6 & A13.
(Note: the online version of the story has the date SEPT. 10, 2014.)

Wal-Mart Nimbly Evades Bank Industry Efforts to Restrict Competition

(p. B3) Here comes Wal-Bank.
After years of thwarted efforts to break into banking, Walmart is making its biggest foray yet into everyday financial services.
Walmart, the nation’s largest retailer, is teaming up with Green Dot, known for its prepaid payment cards, to supply checking accounts to almost anyone over 18 who passes an ID check.
. . .
. . . the new Walmart initiative will be the first full-blown, off-the-shelf checking account. To help attract customers, Walmart and Green Dot will forgo a screening system many banks use to vet potential customers and rely instead on a proprietary system. The model is expected to allow almost any consumer who passes an identification check to open an account in minutes, according to Green Dot.
In the past, Walmart has tried to secure a federal bank charter to become a deposit-taking bank, but abandoned that effort in 2007 in the face of opposition from the banking industry. Since then, the retailer has assembled an array of services that could be offered without a charter, as well as partnerships with financial service companies like Green Dot.

For the full story, see:
HIROKO TABUCHI and JESSICA SILVER-GREENBERG. “Finding a Door Into Banking, Walmart Prepares to Offer Checking Accounts.” The New York Times (Weds., SEPT. 24, 2014): B3.
(Note: ellipses added.)
(Note: the online version of the story has the date SEPT. 23, 2014, and has the title “Walmart Prepares to Offer Low-Cost Checking Accounts.”)

“Folkman Persisted in His Genuinely Original Thinking”

(p. 141) As detailed by Robert Cooke in his 2001 book Dr. Folkman’s War, the successful answers to these basic questions took Folkman through diligent investigations punctuated by an astonishing series of chance observations and circumstances. Over decades, Folkman persisted in his genuinely original thinking. His concept was far in advance of technological and other scientific advances that would provide the methodology and basic knowledge essential to its proof, forcing him to await verification and to withstand ridicule, scorn, and vicious competition for grants. Looking back three decades later, Folkman would ruefully reflect: “I was too young to realize how much trouble was in store for a theory that could not be tested immediately.”

Source:
Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.
(Note: italics in original.)

Zambrano Was Cement Process Innovator

(p. A22) Beginning in 1992, Mr. Zambrano bought up far-flung producers to create the third-largest cement company in the world. He remade each new acquisition, introducing high technology and logistical efficiencies that made Cemex the subject of business school case studies at Harvard and the Massachusetts Institute of Technology.
From his own computer Mr. Zambrano could monitor any Cemex operation in more than 50 countries, said Rossana Fuentes-Berain, a Mexican journalist who wrote a 2007 book about Mr. Zambrano, “Grey Gold.”
What distinguished him was “the technology, the management and the hunger to prove that you can be as good as anybody in the market,” Ms. Fuentes-Berain said.

For the full obituary, see:
ELISABETH MALKIN. “Lorenzo Zambrano, 70, Leader of Cemex, Dies.” The New York Times (Thurs., May 15, 2014): A22.
(Note: the online version of the obituary has the date MAY 13, 2014, and has the title “Lorenzo H. Zambrano, Head of Cement Giant Cemex, Dies at 70.”)

The biography mentioned above, as of this posting, is only available in Spanish:
Fuentes-Berain, Rossana. Oro Gris: Zambrano, La Gesta de Cemex y la Globalizacion en Mexico. Aguilar, 2007.

In Finding Cure for Ulcers, Marshall Was Not Constrained by the Need to Obtain Approval or Funding

(p. 113) Marshall was a youthful maverick, not bound by traditional theory and not professionally invested in a widely held set of beliefs. There is such a thing as being too much of an insider. Marshall viewed the problem with fresh eyes and was not constrained by the requirement to obtain approval or funding for his pursuits. It is also noteworthy that his work was accomplished not at a high-powered academic ivory tower with teams of investigators but instead far from the prestigious research centers in the Western Hemisphere.
The delay in acceptance of Marshall’s revolutionary hypothesis reflects the tenacity with which long-held concepts are maintained. Vested interests–intellectual, financial, commercial, status–keep these entrenched. Dogmatic believers find themselves under siege by a new set of explanations.

Source:
Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.

Ideas Should Not Be Rejected Just Because They Disagree with Reigning Theory

(p. 107) . . . Claude Bernard, the nineteenth-century founder of experimental medicine, . . . famously said, “If an idea presents itself to us, we must not reject it simply because it does not agree with the logical deductions of a reigning theory.”

Source:
Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.
(Note: ellipses added.)

Needed Revolutionary Ideas Often Come From Outsiders

(p. 103) . . . where knowledge is no longer growing and the field has been worked out, a revolutionary new approach is required and this is more likely to come from the outsider. The skepticism with which the experts nearly always greet these revolutionary ideas confirms that the available knowledge has been a handicap.”

Source:
W. I. B. Beveridge as quoted in Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.
(Note: ellipsis added.)