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" The Republicans are wrong in thinking that the rich create jobs. In reality, many of the richest Americans have been investing in efficiency innovations rather than to create jobs. And the Democrats are wrong, because growth won't happen if they distribute the wealth of the wealthy to everyone else. "

Clayton M. Christensen
Reality
Wealth
Thinking
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" When an entrant competitor attacks the low end of any market, the rational reaction of the incumbent firms is to abandon rather than defend it - because the low end is the least profitable of their possible investments. "
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" People in private equity complain that they have so much capital and so few places to invest. But you have lots of entrepreneurs trying to raise money at the low end and find that they can't get funding because of this mismatch. I think that there is an opportunity there. "
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" The dumb-manager theory of business problems just didn't hold water for me. There had to be a deeper reason why smart people would make decisions that lead to failure. "
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" Disruption is continuously afoot in every industry, but especially in autos. It is how Toyota, Nissan and Honda bloodied Detroit: They did not start their attack with Lexus, Infiniti and Acura, but with low-end subcompact models branded Corona, Datsun and CVCC. "
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" Efficiency innovations provide return on investment in 12-18 months. Empowering innovations take 5-10 years to yield a return. We have ample capital - oceans of capital - that is being reinvested into efficiency innovation. "
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" As I have studied the Bible and the Book of Mormon, I have come to know through the power of the Spirit of God, that these books contain the fullness of the gospel of Jesus Christ. "
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" Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there. "
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" There are a lot of companies - not just Sony and Kodak - that have spent a lot of money trying to make the quality of the digital images comparable with film. But when you're sending these things over the Internet, they don't have to be high quality. "
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" We need to have an understanding of what causes what to happen in the world, and why. "
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" As a general rule, if you have a product that doesn't get the job done that a customer is needing to get done, then often you have to offer it for zero. Because if you ask for money for it - because if it doesn't do the job well, they won't pay for it. "
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" Efficiency innovations are a natural part of the economic cycle, but these are the innovations that streamline process and actually reduce the number of available jobs. "
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" Things happen to us in unpredictable ways, but the effect that that has on the kind of people who we become actually is not only open to chance - we can influence it in pretty profound ways. "
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" No idea for a new growth business ever comes fully shaped. When it emerges, it's half-baked, and it then goes through a process of becoming fully shaped. "
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" In the universities, we teach you what we decide you need to know. And the employers find out when they hire people that students didn't learn what we needed them to learn. Online learning offerings, like the University of Phoenix, have relationships with employers and teach what you need to know. "
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" Diabetes is a great example whereby, giving the patient the tools, you can manage yourself very well. "
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" I think this is one reason why the Lord invented the Internet - so members can teach one another how to succeed in assignments the Lord has given us, and to give us opportunities to inspire and bear testimony in a horizontal way. "
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" The first two lessons, which we learned early in our efforts to be good member missionaries, have made sharing the Gospel much easier: We simply can't predict who will or won't be interested in the Gospel, and building a friendship is not a prerequisite to inviting people to learn about the Gospel. "
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" I had a horrible heart attack and still have symptoms of that sometimes. Then cancer, which is in remission. But the stroke is the hardest thing because I just lost my ability to speak and to write. "
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" Disruption is a process, not an event, and innovations can only be disruptive relative to something else. "
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" For online universities, like Liverpool and the University of Phoenix, if prices drop by 60%, they still make money. But for the vast majority of traditional universities, if the prices fall by 10%, they are bankrupt; they have no wriggle room. "
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" The whole enterprise of teaching managers is steeped in the ethic of data-driven analytical support. The problem is, the data is only available about the past. So the way we've taught managers to make decisions and consultants to analyze problems condemns them to taking action when it's too late. "
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" When a company identifies how to integrate the processes needed to give the consumer a sense of job completion, it can blow away the competition. A product is easy to copy, but experiences are very hard to replicate. "
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" We have found that companies need to speak a common language because some of the suggested ways to harness disruptive innovation are seemingly counterintuitive. If companies don't have that common language, it is hard for them to come to consensus on a counterintuitive course of action. "
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" Growth makes management easier. In particular, it makes making labor concessions seem easy. It's when growth stops because you're being disrupted that managing becomes really, really hard, and as a result, most disrupted companies simply disappear. "
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" Eighty percent of the cases used in the typical MBA program are about successful companies. Students graduate with this notion that 'If I do everything that the people in those cases did, then my organization will grow and be successful, too.' "
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