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Last Update: Wednesday February 21, 2018

Key Idea: Do What Interests You

This video is part of the series with Michael Novak.  It focuses on the founders of Diversified Chemicals and chemistry.  These folks love coming up with new products to solve hard problems.  They make many types of coatings and adhesives and are working now to capture the rubber in old tires for new purposes.

Key Question:

A: 

Do the things that fascinate you and don't apologize for your activity.  

Michael Novak explains that self-interest is good but greed is bad. 

Q:  What are you interested in? What are you trying to accomplish in your business?

A:  If you are motivated to provide a high level of customer service, to produce a quality product, to establish a nurturing environment for your employees, then that's your self-interest. That's what is important to you.

That's not greed because greed is gluttony and avarice, the motivation to improve one's own lot without any consideration for others.

Self-interest, on the other hand, is our passion, what motivates us, why we start our own businesses and make successes out of them. 

Think about it

What's your self-interest?

American Enterprise Institute

Michael Novak, Author

1150 Seventeenth Street, N.W.
Washington, DC 20036
202 862 5800

Visit our web site: http://aei.org

Office: 202 862 5800

Business Classification:
Education

Year Founded: 1947

Do What Interests You

HATTIE: Just talk about the difference in those terms, that self-interest is good, greed and selfishness is bad. What is the difference?

MICHAEL: I think the early economic thinkers made a bad mistake when they talked about the motivating intelligent business is self-interest, and I think they had a mischievous intention.

I think they chose it where that they knew would drive the theologians and the moralists crazy. Because for moralists and theologians self-interest is normally a negative term. It means selfish. What they meant -- what the economists were trying to be scientists and they meant to say the term self-interest in a neutral way. They meant to say whatever it is that you value most, that's your self-interest and that's how you define yourself.

HATTIE: Right.

MICHAEL: So, you know, business has inherent in it a drive in its own success. It may not be a generous motive, but just to succeed at it you've got to serve others well. Whether you like it or not. You've got to do that well. And so, even if you have a lousy personality, business forces you to be better than you are.

(Voiceover - an excerpt from a prior episode) Brian Jacobsen: Do you think that's something we should do? Glen Beily: I think so.

MICHAEL: (Voiceover) I mean the self is not developed until it's joined with at least one other and usually more than one other. And that's just the law of life. In a community, the other law of life is, a community which represses its selves, which represses its individuals is not a good community. So a community needs for its individuals to flourish, and for individuals to flourish they need the community.
 

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