Remarks as prepared for delivery at the Gaylord National Resort & Convention Center in Washington, Maryland
Let me say thank you to my friend David Solomon and the whole Goldman team, including John Rogers, Asahi Pompey, and the 10,000 Small Businesses Director Jessica Taylor, who happens to be an alum of the city agency our administration created to serve small businesses. Let’s give them all a round of applause for bringing us together today.
I actually have a long history with Goldman. They offered me a job out of business school, which I didn’t take – but that’s OK, it worked out fine for both of us. Fifteen years later when I was fired from that job, I could’ve used another offer from Goldman. They never called, but that’s OK – it still worked out fine for both of us.
When we started Bloomberg in 1981, we had four guys, one coffee pot, and zero customers. We were a tech start-up way before it was cool. There were no bean bags or ping pong tables in offices back then. And we were creating a product that no one wanted based on a technology that barely existed – the personal computer – which we somehow constructed with parts from RadioShack and other stores. Needless to say, people thought we were crazy.
I’m sure some of you have been called “crazy” when you were starting out. Maybe some people still say that about you, but your willingness to bet on yourself isn’t crazy – it’s a badge of honor.
Now, it’s one thing to come up with a good idea. It’s another to make it successful. That’s the hard part. Working long days and nights. Weekends and holidays. Skipping vacations. Sound familiar?
I don’t know any successful entrepreneur who hasn’t worked extremely hard to get to where they are. Hard work and good luck – that’s the foundation of success. And the harder you work, the luckier you get.
Sure, a margarita or two on the beach is nice, but building something from the ground up – with your own hands – is one of the most rewarding things you’ll ever do.
Now, the challenges you overcome will make it even more rewarding – and there has been no shortage of challenges over the past two years: a global pandemic, backlogged supply chains, a tight labor market, rising energy prices, and inflation that’s at a 40-year high and eating into your hard-won profits.
There’s no playbook for dealing with all these issues at once, so it’s important to be flexible and open to new ideas.
Over the next two days, you’ll hear from experts who will offer new tools to help you weather these hard times, and think about how to grow over the long term because we all have a stake in your success.
After all, 50% of the American workforce is employed by small businesses. You form the backbone of the American economy – and of your communities. Plus, many of you are helping our cities become more sustainable by reducing emissions. So, your success will help shape the future of the country – and that’s why we partnered with Goldman Sachs to bring the 10,000 Small Businesses program to Maryland.
I’m glad to say we have 476 alumni businesses from the Baltimore area – and many are in the room today. Together, they really are fostering economic mobility – and greater diversity. They’re opening doors of opportunity to young people – and inspiring the next generation of entrepreneurs.
It’s especially critical for young women to see that more and more women are starting their own business. To help accelerate that trend, we’ve made investments in them through the 10,000 Women and One Million Black Women programs. The more girls that grow up believing they can be their own boss someday, the stronger our economy – and our country and world – will be.
Let me leave you with one last bit of encouragement, and that is: make your voices heard at all levels of government. Tomorrow, when you meet with members of Congress and their staff, speak up about the issues that matter most to you. Most government leaders have never run a business before. They have no idea what it’s like to be in your shoes. So, the more you talk to them, the more they’ll understand the challenges you’re facing – and how they can help.
During our 12 years in City Hall in New York, we spent a lot of time and energy helping small businesses start and grow, including by cutting red tape and making it easier to apply for permits. We also helped them attract shoppers, by improving streetscapes and making it easier for pedestrians and cyclists to visit their shops.
Now, I would also say, when your mayor proposes something that sounds crazy, keep an open mind.
When we first proposed a ban on smoking in bars and restaurants, owners said it would sink them. Well, it turned out to be the best thing that ever happened to them – because when people don’t smoke, they eat and drink more.
The same was true when we proposed turning Times Square into a pedestrian plaza. The businesses there hated it. But it has been the best thing that ever happened to them, in terms of increasing their foot traffic and sales.
So just as we need entrepreneurs who think boldly – we need mayors who think boldly, too. And we need the two groups to work together.
So, thank you all for all you do for your communities and our country. As you work to weather these difficult challenges, never forget what made your success possible in the first place – your values. That’s always been a constant at our company.
Over the last 41 years at Bloomberg, markets have changed, technology has changed, the world has changed, and our business has changed – but our values haven’t. We’re still forward-looking, hard-working, creative, collaborative, and committed to our employees and our communities.
I’m still at my desk every morning at 7am – and I’m still enjoying every minute of it. Or at least most minutes.
I’ve always believed that tomorrow will be better than today, and getting the chance to meet some of you and hear your stories makes me more convinced of that than ever.
Good luck, and all the best.