“A Crack, Jerk, and a Leap”

Implications for Leaders, Entrepreneurs, and the Rest of Us

Let me recapitulate the thesis of Worthless in slightly different words. We have seen that entrepreneurship is defined by three elements: the perception, creation, and capture of extraordinary value. The only way to create and capture such extraordinary value is to perceive its potential where many others do not. Since those others—the market—view a situation as valueless, it is very difficult to distinguish a priori between assets (or ideas) with latent potential for value and truly valueless assets (or ideas). They both seem, at best, equally worthless, impossible, or stupid to most people.

Some characteristics of entrepreneurs, in particular ...

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