Ed Bonneau revolutionized the distribution of sunglasses in the United States and eventually dominated that market with his highly successful business. While growing the firm, Bonneau purchased Pennsylvania Optical (with its patents and contracts with Walmart and Kmart) and industry giant Foster Grant (with its patents and manufacturing divisions). Then, Bonneau sold the business and walked away from it all. From a business standpoint, his was a huge entrepreneurial success story. However, in a comment on how he’d like to be remembered, Bonneau downplayed his financial wealth:
I would hope that they knew something else besides that I once ran the biggest sunglass company in the world. That’s not the number one thing that I’d want to be known for. It’s okay, but I’d much rather have that final assessment made by my kids and have them say, “He was a terrific dad.” I never wanted to sacrifice my family or my church for my business.46
And Bonneau’s advice to younger entrepreneurs follows a similar theme:
Take God and your family with you when you go into business, and keep that balance in your life. Because when you get to be 60 years old and you look back over your life, if all you have is the biggest sung lass company in the world and a pot full of money in the bank . . . it won’t be enough. Your life is going to be hollow, and you can’t go back and redo it.47
Entrepreneurs typically work very long hours, especially in the beginning. Sometimes, however, their obsession with work and the business becomes too extreme. Based on interviews with repeat entrepreneurs, Ilan Mochari summarized their reports of early mistakes: “If they had it to do all over again, most of the group would have spent more time away from their first companies, hanging with the family, schmoozing up other CEOs, and pondering the long-term picture.”48
An excessive focus on money or work, then, can twist the entrepreneurial process. The outcome appears less satisfying and somehow less rewarding when the time for exit arrives.
CRAFTING A WORTHY LEGACY
In entrepreneurial terms, what constitutes a worthy legacy? One issue is the nature of the endeavor itself. A business that operates within the law, provides jobs, and serves the public provides a good foundation for a satisfying entrepreneurial experience. Although a business that peddles pornography on the Internet might make a lot of money for its owner, most of us would dismiss it as an unworthy enterprise because of its harmful, destructive effects.
Within many individuals is a streak of nobility that gives them a genuine concern for the well-being of others. Their positive attitudes propel them toward endeavors of practical service to society.
Bernard Rapaport, a highly successful, principled, and generous entrepreneur, has stressed the importance of the means a person takes to achieve a given end. “Whatever it
is you want to achieve,” he said, “how you achieve it is more important than if you achieve it.” At 93 years of age, reflecting on life and legacy, he said, “What do I want to do? I want to save the world.”49
Such idealism can guide an entrepreneur into many endeavors that are useful to our economic system. In fact, some entrepreneurial ventures are specifically designed to meet the particular needs of society. J. O. Stewart, a successful entrepreneur, has in his later years launched a firm whose primary objective is to provide good, low-cost housing to families who cannot otherwise afford it. His motivation for this venture is personal concern for the needs of low-income families
Ed Bonneau revolutionized the distribution of sunglasses in the United States and eventually dominated that market with his highly successful business. While growing the firm, Bonneau purchased Pennsylvania Optical (with its patents and contracts with Walmart and Kmart) and industry giant Foster Grant (with its patents and manufacturing divisions). Then, Bonneau sold the business and walked away from it all. From a business standpoint, his was a huge entrepreneurial success story. However, in a comment on how he’d like to be remembered, Bonneau downplayed his financial wealth:
I would hope that they knew something else besides that I once ran the biggest sunglass company in the world. That’s not the number one thing that I’d want to be known for. It’s okay, but I’d much rather have that final assessment made by my kids and have them say, “He was a terrific dad.” I never wanted to sacrifice my family or my church for my business.46
And Bonneau’s advice to younger entrepreneurs follows a similar theme:
Take God and your family with you when you go into business, and keep that balance in your life. Because when you get to be 60 years old and you look back over your life, if all you have is the biggest sung lass company in the world and a pot full of money in the bank . . . it won’t be enough. Your life is going to be hollow, and you can’t go back and redo it.47
Entrepreneurs typically work very long hours, especially in the beginning. Sometimes, however, their obsession with work and the business becomes too extreme. Based on interviews with repeat entrepreneurs, Ilan Mochari summarized their reports of early mistakes: “If they had it to do all over again, most of the group would have spent more time away from their first companies, hanging with the family, schmoozing up other CEOs, and pondering the long-term picture.”48
An excessive focus on money or work, then, can twist the entrepreneurial process. The outcome appears less satisfying and somehow less rewarding when the time for exit arrives.
CRAFTING A WORTHY LEGACY
In entrepreneurial terms, what constitutes a worthy legacy? One issue is the nature of the endeavor itself. A business that operates within the law, provides jobs, and serves the public provides a good foundation for a satisfying entrepreneurial experience. Although a business that peddles pornography on the Internet might make a lot of money for its owner, most of us would dismiss it as an unworthy enterprise because of its harmful, destructive effects.
Within many individuals is a streak of nobility that gives them a genuine concern for the well-being of others. Their positive attitudes propel them toward endeavors of practical service to society.
Bernard Rapaport, a highly successful, principled, and generous entrepreneur, has stressed the importance of the means a person takes to achieve a given end. “Whatever it
is you want to achieve,” he said, “how you achieve it is more important than if you achieve it.” At 93 years of age, reflecting on life and legacy, he said, “What do I want to do? I want to save the world.”49
Such idealism can guide an entrepreneur into many endeavors that are useful to our economic system. In fact, some entrepreneurial ventures are specifically designed to meet the particular needs of society. J. O. Stewart, a successful entrepreneur, has in his later years launched a firm whose primary objective is to provide good, low-cost housing to families who cannot otherwise afford it. His motivation for this venture is personal concern for the needs of low-income families
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