Читать книгу The New Builders - Seth Levine - Страница 29

1 i A 2014 Brookings Institute study by Ian Hathaway and Robert E. Litan described business dynamism as “the process by which firms continually are born, fail, expand, and contract, as some jobs are created, others are destroyed, and others still are turned over.” Importantly they note that “[r]esearch has firmly established that this dynamic process is vital to productivity and sustained economic growth. Entrepreneurs play a critical role in this process, and in net job creation.” See endnote 4 for further information.

2 ii A fairly large portion of those who report owning stocks do so through retirement accounts, and most of these holdings are relatively modest, in the range of $25,000 to $30,000.

3 iii Our interview was conducted outside at Sachs's home in downtown Alexandria, during the early months of the pandemic. Sachs and his wife split their time between Alexandria and the farm, and their sons are also involved in the business. Elizabeth and Fred sat outside a historic brick home, built by Albert Smoot, the grandson of the founder of the Smoot Lumber Company, in the 1930s. Seth joined them on Zoom.

4 iv Sachs runs his businesses using a set of what he calls “Management Musts.” These are: (1) spend time identifying, and going after unique market segments rather than embarking on broad assaults on entire industries; (2) segment your business by products, customers, customer services, location; and (3) emphasize profits rather than sales growth.