Drops from the Fire Hose – November 14, 2012

Today’s first drop comes from one of our very own: Prof. Jim Wolfe!

Why We Need the One Percent — George Mason University, School of Management

Well, perhaps like you, I wish I was a member of the One Percent of richest Americans.  You see, I like the One Percent.  I like the One Percent of Americans with the highest incomes because we – all of us – need them.

Members of the One Percent club of our leading wealthiest citizens are also America’s leading investors.  Most importantly, they are the only people who can act as angel investors.

An angel investor (or just “angel”) is an affluent individual who provides capital for a business startup, usually in exchange for ownership equity. Typically cashed-out entrepreneurs or retired corporate executives, angels invest because they want to.  They invest because they like the new business idea, or they take a shine to the individual entrepreneur.

Angels are limited to the One Percenters because they must be prepared to lose all of their investment.  With a smile.  That’s not just me saying so – that is the law.  To be an accredited investor under the U.S. Securities laws, an investor must be “sophisticated.”  In layman’s language, these investors must be smart, and rich.

An HR Lesson From Steve Jobs: If You Want Change Agents, Hire Pirates — Co.Design

Steve Jobs placed a lot of value on having a diverse organization, and on choosing individuals with diverse backgrounds and sets of experiences, like his own. Steve never finished college–not even his first year. But he was able to synthesize his own interests and experiences, from electronics hacking to Zen Buddhism to calligraphy, add three heaping scoops of passion, and become what he became. He felt that others should do the same.

How to Take Constructive Criticism Like a Champ — Lifehacker

Constructive criticism is often the only way we learn about our weaknesses—without it we can’t improve. When we’re defensive, instead of accepting and gracious, we run the risk of missing out on this important insight. Remember, feedback is not easy to give and it’s certainly not easy to receive, but it will help us now and in the long run.

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