Tuesday, August 2, 2011

The Professional

Following World War Two, many refugees started new lives in America. They encouraged their children to become doctors and lawyers, even though they had been entrepreneurs in Europe.

"The regime in power can take your business, but they can't take what's in your head," the immigrants told their children. So they sent their children to universities to learn professions. It was a risk-management strategy, in case the government tried to take their income-earning capacity the way other totalitarian governments  had. So their children became physicians, attorneys, dentists, accountants, and other types of professionals.

Is this an indictment of what were are endorsing in this forum? Certainly not. It is just a reminder that the most important assets are those in your head. I'm writing this while in the waiting room of a dentist, who is in private practice. That makes him an entrepreneur, after all.

You can succeed as an entrepreneur through hard work and luck, but having an intellectual asset is better.

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