Wednesday, December 28, 2005

Forbes and blogging

“Blogging is not overhyped”. These are the words of Rich Karlgaard, publisher of Forbes Magazine in an editorial on Blogging in the Dec 26 edition. In a surprisingly balanced editorial, Karlgaard acknowledges that “Blogs really do threaten mainstream media”. This seems balanced in light of his previous cover story of “Attack of the Blogs”.

I am often surprised at mainstream media writing anything about blogging since it seems to me their very existence is being threatened by blogs. On the other hand, it is smart to acknowledge the reality of the world as it is – even if it is a threat to ones current livelihood.

The only inevitable in business is change. I try very hard to predict the future of business. Some people think I am very successful at this but my trick really is to limit my downside while still going into new business areas. This is partly what I credit my long term success to. I do not bet the whole company, I only take manageable risks.

For the first 20 years of EMJ, my brother Glen worked with me. Glen is very conservative and more likely to say no than I am. His natural pessimism balances my natural optimism and this balance made us strong. To this day, I often think in making decisions “what would Glen say” which leads me to considering the downside risks. I think:

How can I structure a deal that limits risk?
What is the worst that can happen?
How can I make the worst that can happen better?

1 Comments:

At 9:39 AM, Blogger Ric Asselstine said...

Great words to live (and work) by Jim.

Reminds me of a saying that sounds consistent with your thinking..., "First make it safe, then make it better!"

Happy holidays!

Ric

 

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