These are the words spoken by former Bank of America (Symbol: BAC) Chairman Hugh McColl.
Entrepreneurs take notice. These words are profound, powerful, prophetic, etc… Now we know why BofA’s predecessor, Nations Bank had grown to become one of the largest, if not the largest consumer bank on the globe. Look at the mindset of its leadership team.
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After listening to Mr. McColl’s entire statement (Video below), the SPEC’s became magnetically attached to the “Mind of a Dynasty” builder. In essence, most companies goal is to one day become a Global Empire.
The SPEC’s always wondered why companies such as Oracle (Symbol: ORCL), Cisco (Symbol: CSCO), and Google (Symbol: GOOG) have grown within the past 5 years through acquisitions instead of ORGANICALLY! Growth through acquisitions did not seem to be neither Innovative nor Entrepreneurial.
However, when your competitor constantly nips at your heels, Acquisitive Growth may be the only solution. That or Insolvency.
One reason the SPEC’s didn’t like the acquisitive growth concept is because of possible culture clash and laziness. It appeared to be a “sign-of-weakness”, or on the surface a sign of diminishing company growth and ideas. So the problem was solved by bringing in outsiders. However, with the speed of technological advances, an acquisition could add years to a company’s existence.
To all budding Entrepreneurs: Always strive for growth. You should have a monthly and annual growth outlook. Never be satisfied. Develop a Shark mentality and always strive to be #1 in your industry.
Get Moving and Good Luck!!
Sincerely,
StreetSpeculators