Encouragement to advertise when you've got something good:
"In a country like this, where nearly everybody reads, and where newspapers are issued and circulated in editions of five thousand to two hundred thousand, it would be very unwise if this channel was not taken advantage of to reach the public in advertising. A newspaper goes into the family, and is read by wife and children, as well as the head of the home; hence hundreds and thousands of people may read your advertisement, while you are attending to your routine business. Many, perhaps, read it while you are asleep."
Is there a modern equivalent? Television? Still? Is there any one thing that truly touches entire families today?
Although, TV is probably the best medium for reaching a broad audience.
In this book, I love how he talks about financial security as achieving independence.
"It is this go-aheaditiveness, this determination not to let the "horrors" or the "blues" take possession of you, so as to make you relax your energies in the struggle for independence, which you must cultivate. "
"Business" in the sense of trading with the people is largely a matter of filling the wants of the people. If you make what they need, and sell it at a price which makes possession a help and not a hardship, then you will do business as long as there is business to do. People buy what helps them just as naturally as they drink water.
It's to business as Lisp is to programming languages.
From wikipedia: "Generally industry is diligence, assiduity, hard work."
The one thing that bugs me about this was, as a kid in a health class, I was shown a video of a little girl and her grandma. The girl asked the grandma "Why do you smoke grandma?" The old lady responded "Because when I was your age, nobody knew that smoking was bad for you."
The bullcrap we were fed as kids is incredible.
A custome lothsome to the eye, hatefull to the Nose, harmefull to the braine, dangerous to the Lungs, and in the blacke stinking fume thereof, neerest resembling the horrible Stigian smoke of the pit that is bottomlesse.
Just for historical curiousity. I do not want to start a debate about the Nazis.
There should be no difference between 'he knows' & ' he's had it pounded into his head daily.' But there is.
A man may go on "change" and make fifty or one hundred thousand dollars in speculating in stocks, at a single operation. But if he has simple boldness without caution, it is mere chance, and what he gains to-day he will lose to-morrow.
Isn't VC money essentially borrowed money?
130 year old advice seems more powerful for some reason. Hopefully reading it here is the first step to resolving it.
Hasn't that caused a lot of problems?
He's talking from personal experience, he did loose a lot of reputation when a company he invested in went bankrupt. So he's not wrong.
> Hasn't that caused a lot of problems?
It depends - if you are holding assets that belong to the customer, or have a contract to do something for a customer then yes.
But if you have a business like his, museum, then there is no reason to say anything - if you go under, at worst someone will be disappointed they can't get in, but they will not loose anything.
All these fancy looking startups bleeding money by barrels are inseparable from those actually making money.
Because, Transparency Begets Trust.
You might also like 'The Autobiography of Benjamin Franklin'
(http://news.ycombinator.com/item?id=312332). Mr Franklin also has something to say about making your fortune in an ethical way.
Anyway it's a great link so I guess it doesn't matter much.