Word: entrepreneur
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There are now no fewer than 786 electronics firms in the fertile valley at the foot of the Diablo Range. In 1980 they produced $8.7 billion worth of goods. The American Alliance for Innovation now gives two-day seminars on marketing strategies and venture capital for hopeful entrepreneurs. Says William Hambrecht, a San Francisco investment banker whose firm, Hambrecht & Quist, helped launch Apple Computer and Genentech: "Being a successful entrepreneur here is one of the most privileged positions in today's world...
...mere presence of so many profitable businesses leads to the creation of still more companies. The entrepreneur has become the local cultural hero and role model, just as movie directors are in Los Angeles or oil drillers in Houston. Nearly everybody knows someone who left a company and started...
...very factors that make entrepreneurs successful in starting companies can lead to problems later on. Frequently egotistical, the upstart executives seldom admit failure and sometimes refuse to share responsibility or hire good people to help run the company. A crucial turning point comes when a new enterprise reaches sales of about $250 million. In some cases, like that of Engineer Kenneth Olsen of Digital Equipment Corp. in Maynard, Mass., the innovative founder develops the managerial skills to run a large, complex organization. In other cases, the entrepreneur gets in trouble and must get help from professional managers. Centronics Data Computer...
Fylstra, who last week changed the name of his firm to VisiCorp, is at one of the many turning points for an entrepreneur. The company faces stiff competition from VisiCalc's many upstart imitators, among them makers of computer hardware who are selling more and more of their own software. Industry analysts see VisiCorp as a likely candidate for going public during the next two years. With appraisals of the company's worth running about $125 million, a public stock offering would make Fylstra an even wealthier young man. That would free him to strike out in another...
...Miami from Manchester, England, were stunned to hear over a loudspeaker that their flight had been canceled. An Airbus A300, already airborne toward Tenerife, reversed course and flew back to Manchester. At London's Gatwick Airport, stewardesses and ticket agents openly wept. Sir Freddie Laker, the swashbuckling British entrepreneur who had revolutionized transatlantic travel by slashing air fares, had abruptly announced that he was liquidating his debt-laden airline. Said one Laker counter attendant: "It's hit everyone, mate-like a smack in the mouth...