Brief Summary
This video emphasizes that the core of entrepreneurship lies in "making meaning," not just making money. It suggests that companies founded with the goal of changing the world and improving lives are more likely to succeed. There are three ways to make meaning: increasing the quality of life, righting a wrong, and preventing the end of something good.
- Making meaning should be the core reason for starting a company.
- Companies focused on improving the world are more likely to succeed.
- There are three ways to make meaning: improving quality of life, righting a wrong, and preventing the end of something good.
The Essence of Entrepreneurship: Making Meaning
The speaker asserts that the fundamental principle of entrepreneurship is "making meaning." Many people start businesses to make money, but the speaker has observed that companies founded to change the world and improve it are the ones that truly make a difference and succeed. The speaker believes that if you focus on making meaning, you will likely make money, but if you only focus on making money, you will likely fail to make both meaning and money.
Three Ways to Make Meaning
There are three ways to make meaning. The first is to increase the quality of life. Drawing from his experience at Apple's Macintosh division, the speaker explains that their motivation was to change the world by making people more creative and productive, thus improving their quality of life. The second way to make meaning is to right a wrong, which is particularly applicable to not-for-profit organizations that aim to address issues like pollution, crime, or abuse. The third way is to prevent the end of something good, where one seeks to protect something beautiful or wonderful from being eroded or ruined.
Motivation for Starting an Organization
The speaker urges viewers to consider these motivations when starting companies, not-for-profits, churches, schools, or any other organization. He suggests that having one or more of these motivations is key to starting a great organization, and if none of these motivations are present, it may be necessary to rethink the endeavor.
