Words of Wisdom from Retiring Iconic Harvard Business School Professor Bill Sahlman

Prof. Bill Sahlman is an institution unto himself at the Harvard Business School. Here are a few words of wisdom he's shared with alumni during reunions.

Working Definition of Entrepreneurship -

THE RELENTLESS PURSUIT OF OPPORTUNITY WITHOUT REGARD TO TANGIBLE RESOURCES CURRENTLY CONTROLLED.

THE CONINUOUS DEVELOPMENT OF INTANGIBLE RESOURCES TO PURSUE OPPORTUNITY IN THE FUTURE.

A Few Points (there are more) on How to Kill Entrepreneurship -

PUNISH FAILURE SEVERELY

RELY ON "ACCOUNTING" PERSPECTIVE TO MAKE MAJOR DECISIONS VS. THE "ENTREPRENEURIAL FINANCE" PERSPECTIVE

TIGHTLY CONTROL ALL EXPENDITURES

DON'T DO PROJECT PERFORMANCE AUDITS

PROHIBIT CANNIBALIZATION

ONLY YOU MAKE ALL THE IMPORTANT DECISIONS

On Government Policy -

THERE'S A LOT LESS CONSPIRACY AND A LOT MORE INCOMPETENCE THAN YOU EVER IMAGINE.