Education is the key to the future: You've heard it a million times, and it's not wrong. Educated people have higher wages and lower unemployment rates, and better-educated countries grow faster and innovate more than other countries. But going to college is not enough. You also have to study the right subjects.
Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.
When businesses go through hard times, through down markets, what do they do is they challenge every basic assumption of how they operate. They innovate. They create disruption for a while that leads them to even greater heights when the economy turns around.
In my experience, poor people are the world's greatest entrepreneurs. Every day, they must innovate in order to survive. They remain poor because they do not have the opportunities to turn their creativity into sustainable income.
Philanthropy is often seen as society's risk capital. That means the onus is on philanthropists, nonprofit leaders and social entrepreneurs to innovate. But philanthropic innovation is not just about creating something new. It also means applying new thinking to old problems, processes and systems.
The only way to thrive is to innovate. It's that simple.
Increased government spending can provide a temporary stimulus to demand and output but in the longer run higher levels of government spending crowd out private investment or require higher taxes that weaken growth by reducing incentives to save, invest, innovate, and work.
When you innovate, you've got to be prepared for everyone telling you you're nuts.
My view is there's no bad time to innovate.
Continuous productivity manifests itself as an environment where the evolving tools and culture make it possible to innovate more and faster than ever, with significantly improved execution.