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Quote by Hendrith Vanlon Smith Jr.

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Board Room Blitz: Mastering the Art of Corporate Governance

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Hendrith Vanlon Smith Jr.

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“The world’s most deadly fluff is: “I would definitely buy that.” It just sounds so concrete. As a founder, you desperately want to believe it’s money in the bank. But folks are wildly optimistic about what they would do in the future. They’re always more positive, excited, and willing to pay in the imagined future than they are once it arrives.”

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“In our factories, we create flexibility by paying more to workers who can work at more stations on a production line. We value flexibility, and we pay for it. In contrast, most product development organizations exclusively reward specialization.”

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“Why do you choose to write about such gruesome subjects? I usually answer this with another question: Why do you assume that I have a choice? Writing is a catch-as-catch-can sort of occupation. All of us seem to come equipped with filters on the floors of our minds, and all the filters have differing sizes and meshes. What catches in my filter may run right through yours. What catches in yours may pass through mine, no sweat. All of us seem to have a built-in obligation to sift through the sludge that gets caught in our respective mind-filters, and what we find there usually develops into some sort of sideline. The accountant may also be a photographer. The astronomer may collect coins. The school-teacher may do gravestone rubbings in charcoal. The sludge caught in the mind's filter, the stuff that refuses to go through, frequently becomes each person's private obsession. In civilized society we have an unspoken agreement to call our obsessions “hobbies.” Sometimes the hobby can become a full-time job. The accountant may discover that he can make enough money to support his family taking pictures; the schoolteacher may become enough of an expert on grave rubbings to go on the lecture circuit. And there are some professions which begin as hobbies and remain hobbies even after the practitioner is able to earn his living by pursuing his hobby; but because “hobby” is such a bumpy, common-sounding little word, we also have an unspoken agreement that we will call our professional hobbies “the arts.” Painting. Sculpture. Composing. Singing. Acting. The playing of a musical instrument. Writing. Enough books have been written on these seven subjects alone to sink a fleet of luxury liners. And the only thing we seem to be able to agree upon about them is this: that those who practice these arts honestly would continue to practice them even if they were not paid for their efforts; even if their efforts were criticized or even reviled; even on pain of imprisonment or death. To me, that seems to be a pretty fair definition of obsessional behavior. It applies to the plain hobbies as well as the fancy ones we call “the arts”; gun collectors sport bumper stickers reading YOU WILL TAKE MY GUN ONLY WHEN YOU PRY MY COLD DEAD FINGERS FROM IT, and in the suburbs of Boston, housewives who discovered political activism during the busing furor often sported similar stickers reading YOU'LL TAKE ME TO PRISON BEFORE YOU TAKE MY CHILDREN OUT OF THE NEIGHBORHOOD on the back bumpers of their station wagons. Similarly, if coin collecting were outlawed tomorrow, the astronomer very likely wouldn't turn in his steel pennies and buffalo nickels; he'd wrap them carefully in plastic, sink them to the bottom of his toilet tank, and gloat over them after midnight.”

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“We go through the futile process of asking for opinions and fish for compliments because we crave approval. We want to believe that the support and sign-off of someone we respect means our venture will succeed. But really, that person’s opinion doesn’t matter. They have no idea if the business is going to work. Only the market knows. You’re searching for the truth, not trying to be right. And you want to do it as quickly and cheaply as possible. Learning that your beliefs are wrong is frustrating, but it’s progress. It’s bringing you ever closer to the truth of a real problem and a good market. The worst thing you can do is ignore the bad news while searching for some tiny grain of validation to celebrate. You want the truth, not a gold star.”

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