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School of Business 11/17/2012

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Summary:

Russ and John present the show that’s there for the taking. Check out the Archives at our website. (You’d think we’d have run out of entrepreneurs by now. But, nooo.) We champion those who make it all happen. Includes: The BusinessMakers Quote of the Week— pithy turn-a-phrase from Albert Einstein; This Week in Business History includes great moments in communication like The Gettysburg Address (and, coincidentally, the release of Steven Spielberg’s “Lincoln”), the first issue of Life Magazine, and the release of Microsoft Windows 1.0; the Jargon Challenge Round—trendy technospeak that YOU should know; and Dumb Moments—Are we about to get grounded?!

Full Interview text

Russ: This is the Businessmakers Show heard on the radio and seen online and heard online and seen online at the Businessmakers.com.

John: That's right. And it's there for the taking, every one we've ever done --

Russ: Yeah.

John: -- since the beginning of the show is there. Ya' know, some one of these days I'm gonna go back three, four years ago and just listen to one. I listen to them as we do them, but there's a lot -- there's a wealth of history.

Russ: Well there is. In fact, this is Episode Number 389.

John: That's right.

Russ: Yeah. And we --

John: You thought we would have run out of BS by now. No.

Russ: Comin' strong, man.

John: It's stronger than ever.

Russ: Yeah. We champion those that make it happen --

John: That's right. The people who really make it happen. The people who build these companies and introduce products and services to folks and in the meantime they make money so they can hire more people and innovate more and it's a great system if you give it a chance.

Russ: Absolutely. And it seems like, ya' know, when we started, we felt like these people needed to be featured more and they needed a helping hand in getting the rest of the world to understand so we --

John: Mm-hmm.

Russ: -- would not have so much bureaucracy --

John: Mm-hmm.

Russ: -- and taxation and I think we're doing okay, but the flow's going in the opposite direction --

John: I know. We're going -- we're walking -- we're going uphill again.

Russ: Yes, we are.

John: And it's a new hill to climb --

Russ: Yes. Yeah.

John: -- and a lot of it has to do with ignorance and overstating --

Russ: Economic ignorance, ya' know. We haven't focused on that. It's definitely at an all-time high.

John: Oh yeah. It hit its peak on election day.

Russ: Yeah.

John: And I think we need a bigger dial with a bigger arrow on it because it's just gonna get worse, the dial.

Russ: And, ya' know, to be perfectly fair, the side that we're on doesn't do a good job of explaining it or defending it.

John: Right.

Russ: Ya' know, when they talk about low tax rates, act like, yeah, the rich people just negotiated low tax rates. It's not that yeah, some people thought we oughta' get their money in the investment economy and it will stimulate growth and jobs so let's make a lower tax for capital gains. Nobody even says that.

John: Well see, the thing with capital gains, that money that is invested that draws the capital gains, that money's already been taxed once.

Russ: Oh yeah. I know.

John: So capital gains is actually a double tax on the same money.

Russ: I know. I totally know. But we're in the private sector. All the scandals these days are in the public sector I think --

John: That's right. There's a big one brewing right now.

Russ: Well, I don't -- man, why do you even need fiction when you've got stuff goin' like, ya' know --

John: I know. You couldn't make this stuff up.

Russ: Like David Petraeus

John: I know. Gees.

Russ: And General John Allen and then who knows. This thing is spreading like a BP oil spill right now.

John: That's right. It's like a gusher.

Russ: Yeah. Yeah. It is and we have the --

John: Who knows. Maybe you are involved in this.

Russ: Well, I don't think they're gonna get to me, but --

John: You're pretty low down.

Russ: Yeah, but it wouldn't surprise me if Brett Favre shows up in any of this --

John: Brett Favre could be part of this.

Russ: Yeah, I think he will be, ya' know.

John: Yeah.

Russ: Congressman Wiener.

John: Wiener, yeah.

Russ: He's probably gonna surface again.

John: He could. He could be part of this.

Russ: Yeah, you never can tell. I don't know. But that's not --

John: Maybe Bill Clinton's involved in this --

Russ: Well, we know he's involved. He has to be involved.

John: Yeah, why wouldn't he be.

Russ: And what about even our own? George Grinious --

John: George Grinious, well he's following it on his trusty computer.

Russ: Right. But we're not about that.

John: No.

Russ: We're about --

John: We're really getting off our subject here.

Russ: Yeah, I'm sorry. I apologize. In fact, to get back on our subject, our guest today --

John: Guest, that's right. We have guests.

Russ: Listen to this. This former astronaut, in fact, he's the astro -- nobody has flown on more shuttle flights than our guest this week.

John: Yeah.

Russ: One guy tied him, another astronaut, Jerry Ross tied him, but our guest is Dr. Frank Chang Diaz. Let me say that again. Dr. Franklin Chang Diaz. He's now the founder and CEO of Ad Astra Rocket Company.

John: Gees.

Russ: And he's becoming a leader in the commercialization of space flight. Cool story.

John: Yeah, sounds great.

Russ: Yeah, cool story. But first, that's right. It's time for the School of Business.

John: Yes.

Russ: And it's not your business as usual school.

John: No, it's better. That's all I can say. That's enough of the superlatives. I defy any business school that can come along and say they do a better job of this than we do.

Russ: There ya' go. Alright. And we kick it off each week with --

John: I mean, they could say it --

Russ: They could --

John: -- but I just defy them to say that.

Russ: I'm right there with ya', man.

John: Alright. Okay.

Russ: And we kick it off each week with a quote of the day.

John: Quote of the day, yes.

Russ: This week we're gonna quote Albert Einstein. This is interesting.

John: He's a smart guy.

Russ: Yeah. Our accountant friends, they might not like this, but here's how it goes. Not everything that can be counted counts and not everything that counts can be counted.

John: That's right.

Russ: Well, I'm not gonna argue with it.

John: Hey, who's gonna argue with Albert Einstein?

Russ: I'm not. Alright.

John: Alright.

Russ: Alright. And that brings us to This Week in Business History. So what happened during this kinda' second/third week in business history?

John: Okay. This week in business history in 1863, this is very appropriate 'cause this Abraham Lincoln movie's coming out --

Russ: Oh yeah.

John: Lincoln delivers the Gettysburg Address.

Russ: Yep.

John: This is month's after the Battle of Gettysburg, which was a -- you could say a turning point --

Russ: Yes.

John: -- in the Civil War and in just 272 words Lincoln movingly and with much passion reminded the public on why the union had to fight and win the Civil War; 272 words.

Russ: Yeah, well he was amazing and to be able to do that, I mean, I don't think they can start a speech with less than 1,000 words --

John: Oh no. I mean, Obama's, President Obama's acceptance speech, his victory speech, his thank you speech after he won was 24 minutes long.

Russ: Yeah, I know.

John: Okay. This week in business history in 1865, the revolving firearm was patented by Smith & Wesson of Springfield, Massachusetts.

Russ: Okay.

John: Now that type of firearm had been used earlier, but I guess the patent for it finally was granted and it was a revolving, the chamber would hold four to six bullets or whatever and --

Russ: You could just keep firin' away.

John: Keep firin' away where before these things were single shots and all that. This week in business history in 1889, the first jukebox goes into operation at the Pallay Royale Saloon in San Francisco.

Russ: Now there's some progress right there.

John: Jukebox.

Russ: Jukebox.

John: I tell ya' we should all have a jukebox.

Russ: That's right. I think we all do now in our little iPods.

John: The iPod is a kind of a jukebox.

Russ: Right.

John: This week in business history in 1936, the first issue of Life Magazine, which really became a fixture, iconic fixture in people's lives.

Russ: Absolutely. I mean, my family subscribed to it and --

John: Oh yeah.

Russ: -- every time it showed up, man, me and my sister both, even when we were little kids, I mean, we were turnin' the pages.

John: Turnin' the pages 'cause all the pictures.

Russ: Oh yeah. Absolutely.

John: And then remember the Saturday Evening Post, that came out about the --

Russ: Oh yeah. Oh yeah.

John: Okay. This week in business history in 1963 John F. Kennedy, President John F. Kennedy is assassinated. He's riding in a motorcade in downtown Dallas.

Russ: Mm-hmm.

John: And was shot and died almost immediately.

Russ: Yeah. Well, to me, still that and the World Trade Center bombing on 9/11 are almost equal in my mind about the impact that my God, look what happened.

John: I know. I know. And all the conspiracy theories to this day still exist.

Russ: Right.

John: Ya' know, it might have been that Lee Harvey Oswald fired the shot --

Russ: Yeah --

John: -- the only shot, the only three shots I guess or whatever --

Russ: Yeah.

John: -- how many of them there were, but the way it was handled, the inquiry was handled left a lot of holes.

Russ: Yeah.

John: Now, a little known story that emanated from all this, there was a woman. She's a columnist for a New York newspaper named Dorothy Kilgallen. She was also a panelist on a TV show --

Russ: Yeah. I've Got a Secret.

John: Or something like that.

Russ: Yeah, right, right, right. I remember Gary Moore.

John: Yeah. But she was a -- actually John Daley was the guy that ran a show, but anyway. So be that as it may, she interviewed Jack Ruby while he was in prison --

Russ: Before?

John: No, no, after.

Russ: He died.

John: Yeah, before he died. And she came back to New York and telling some of her friends that she's got some information that's gonna blow the lid off the Kennedy assassination.

Russ: Yeah.

John: And she was found dead like the next day.

Russ: You're kidding. I've never heard this before --

John: No. Alcohol poisoning and overdose of barbiturates --

Russ: Why, why didn't that make news?

John: Don't ask me.

Russ: It just spread till it got to you and you're announcing it today.

John: Well, I heard the story before.

Russ: Yeah.

John: So I looked it up before we decided to do the show --

Russ: Yeah.

John: -- and I thought that it just goes to show that there are -- the guy that played in McHale's Navy -- what was that name? Joe Flynn. He was, he was on a talk show and was talking about the inconsistencies in the Warren Report and how he was gonna personally spend some money. He was a very wealthy guy 'cause of the TV show and he showed up dead in the bottom of his swimming pool like a week later.

Russ: And so but Dorothy --

John: I may never come back to --

Russ: Yeah, after telling this story.

John: What I'm saying is even though it seems likely that Oswald was the shooter, who hired him? Who hired him? Who put him up to it? Was it Castro? Was it the mob? Or was --

Russ: Either one of those are good prospects --

John: -- was this guy some nut that felt he could do this all by himself? Who knows.

Russ: Alright.

John: Alright.

Russ: Only here on the Businessmakers Show.

John: Okay. If you ever wanted to know what happened to Dorothy Kilgallen, that's what happened to her.

Russ: Alright.

John: This week in business history in 1974, the Freedom of Information Act passed by Congress over President Ford's veto and this was an act that allowed media companies and U.S. citizens to check out their FBI files and things like that and it's probably very useful --

Russ: Well I think it was useful in David Petraeus' investigation.

John: I don't think they got that. I don't think they needed one. They just had to hack his --

Russ: Yeah. Until some woman picked up the phone and called the FBI and said, "Hey, somebody's harassing me." And we all know that any of us can call the FBI anytime and get them to stop people from calling you.

John: I know.

Russ: Yeah.

John: The reason why we're kind of laughing in a mystified way is we don't know where this scandal's gonna take or lead.

Russ: Right.

John: It's just incredible. Ya' couldn't make it up. Couldn't make this stuff up. This week in business history in 1985, Pennzoil wins a $10.53 billion judgment against Texaco. It was the largest civil verdict in the history of the United States and it all started when Texaco wanted to buy Getty Oil and Pennzoil had entered into an unsigned yet still binding buyout contract with Getty and --

Russ: It's kind of interesting --

John: -- Pennzoil won.

Russ: Joe Jamail kinda' won, too. He was representing --

John: Oh, _______ 30 percent or something --

Russ: Right.

John: -- he got a big chunk of it.

Russ: He's even part of that stadium at the University of Texas --

John: Joe Jamail Field, that's right. Okay. This week in business history in 1985, Microsoft Windows 1.0 is released. 1985.

Russ: Yeah, and 1.0 was not very successful. In fact, very few people used it, but Microsoft always incrementally improves the products --

John: Yes, it does.

Russ: Now we're at Windows 8.0. I think the Microsoft people wanna get a guy on the show soon. I don't know if it's good or bad, successful or unsuccessful, but we all do know that the head of the Windows department there just recently kind of left the company.

John: That's right. He didn't wanna do Windows anymore.

Russ: I think that was it.

John: Okay. This week in business history in 1990, I guess you'd call them a pop group. They were just a teenager's sensation. Group called Milli Vanilli and the reason why I don't wanna call them a pop group is 'cause they didn't do any of their own singing.

Russ: They were a dance group.

John: It was a dance and --

Russ: Lip sync.

John: They were a lip sync group.

Russ: Yeah, a lip sync group. Famous lip sync group.

John: Yeah, I know.

Russ: But for those of you who don't know what we're talking about, there was a long time -

John: Stripped of this, yeah everybody thought --

Russ: -- thought they were singing.

John: Yeah, right.

Russ: And dancing and then they were busted.

John: But they weren't lip dancing.

Russ: No.

John: They were just lip syncing.

Russ: And then remember after they were busted they tried to come back and say, "We were lip syncing, but we can really sing."

John: And no they can't sing.

Russ: And they had one shot and it just ended in embarrassment for all of us. I was embarrassed. I don't know about you.

John: Why were you embarrassed?

Russ: Well because they were terrible.

John: Okay. Were you a big fan? You buy all their albums?

Russ: No.

John: This week in business history in 1993, got the North America Free Trade Agreement is ratified by the House of Representatives after a lengthy debate between Al Gore and Ross Perot.

Russ: Best thing that Al Gore ever did.

John: That's right, yeah. It's too bad his career went downhill after that.

Russ: Yeah.

John: But he did do - ya' know, that just shows you even a broken clock's right twice a day.

Russ: Yeah, that was the time that he was right.

John: Yeah, that's right. This week in business history in 1999, in College Station, this is a really big tragedy, 12 kids are killed, 27 injured at the university when a 59 foot tall Aggie bonfire -- they were constructing the wood -- it wasn't on fire at the time --

Russ: No.

John: -- but it collapsed and killed 12 -- 12 people killed; 27 people injured --

Russ: Yeah, and there's so much tradition at that university and the bonfire, the bonfire there was huge and every year it got bigger and if you saw kinda' what was happening in some of the news stories, I mean, they would build it by taking like 100 foot pine tree logs and, ya' know, just mounting them all standing on their end and then set more on top of that and they actually -- ya' know, there's a lot of engineers there and so they had like -- or engineering students I should say -- and they had cranes and stuff that they would work with and it just wasn't supervised well enough and man, it was not -- you didn't have to build it to withstand forever 'cause it was gonna be burnt down, but aw, what a tragedy.

John: Yeah. And finally, this week in business history in 2008, after critical failures in the U.S. financial system began to build up after mid-September, the Dow Jones reached its lowest level since 1997.

Russ: Well I think we're talking about around the 6,000 for the Dow average and its come back, but man, that was a major catastrophe, too.

John: Yes, it was.

Russ: So you're ending your news, this week in business history, with two terrible news stories.

John: Oh yeah.

Russ: Yeah. I'm so depressed I don't wanna go on.

John: I don't either. I'm gettin' out of here.

Russ: Alright. But we must go on and --

John: That's right. The show must go on.

Russ: Yeah, yeah. So we're gonna keep it serious by going to navigating business jargon.

John: Oh yes, right, yeah.

Russ: Which is our very serious vocabulary lesson where I get to go out and choose new words and John through 389 episodes has agreed to just lay it on the line without knowing what the word is.

John: I do not know what the word is.

Russ: And guessing the meaning. Are you ready? This one's kinda' popular. I'm not trying to put pressure on you, but here it is.

John: Alright.

Russ: Nomophobia.

John: Nomophobia. It means you're done with being afraid of anything..

Russ: No, I'm gonna help you a little bit 'cause it is --

John: No more phobia. Nomo.

Russ: Yeah. The mo does not stand for more. I'll tell ya' that.

John: Nomo. Motion. Fear of being in motion that's no longer --

Russ: I'm gonna give you some more help.

John: Alright.

Russ: The mo stands for mobile.

John: Mobile.

Russ: Mm-hmm.

John: You're afraid of your mobile phone or you're not afraid of it anymore.

Russ: That was interesting. No. It's the fear of being without your mobile phone. Nomophobia.

John: Oh, alright.

Russ: Yeah. And if you think about it, I mean, I can be okay without it. I feel a little undressed.

John: I don't feel undressed. I just feel like God.

Russ: Nobody can find me and I have no idea what's going on in the world.

John: That's right.

Russ: Alright. Well that was a good guess. And that brings us to dumb moments. Do you have one of those for us?

John: Yeah. This is a brewing one of a lot of unintended consequences. There's gonna be federals mandates taking effect. This is according to The Wall Street Journal. There's gonna be federal mandates taking effect next summer, which will require all newly hired pilots to have at least 1,500 hours of flight experience.

Russ: Yeah.

John: Which is six times what they're required for now.

Russ: Yeah.

John: It's gonna increase the cost and time to train the new flyers. The reason why it could be problematical is because there's a lot of senior pilots in the airlines that are reaching retirement age.

Russ: Hm.

John: So you're gonna have this gap. Again, I mean, there's time to correct this and you would hope that the FAA or whoever's behind all this would perhaps step in, but this just goes to show how and I'm not saying the government does this 100 percent of the time. I'd say it's probably 80 percent of the time, they make these rules without --

Russ: Without knowing.

John: -- not knowing the ripple effect. So it's gonna -- it's tough flying on an airplane without a pilot --

Russ: It really is.

John: -- and it could diminish the number of flights, which will increase the airfares because you'll have too many dollars chasing too few flights around the country and it's all because of some rule and you'd think they'd want more -- they would find a way to bring in more pilots when they're most needed --

Russ: Yeah, but I'm kinda' feeling another one of those opportunities here, John.

John: What's that?

Russ: Ya' know, we're doing so well with the drones now. Why don't we have drone airlines.

John: Ya' know, the drone --

Russ: See there?

John: -- I know one guy they could get. Denzel Washington.

Russ: Yeah.

John: He's a good pilot.

Russ: He's available now, too.

John: He's available now. You saw the movie obviously.

Russ: Yeah. There was one of these discount European airlines. I forget the name of it. I've even flown on it, but man, it was a piece of work where --

John: If they could -- yeah, go ahead --

Russ: -- where they would, once you took off they were trying to sell you stuff the whole time. Lottery tickets --

John: Oh really.

Russ: -- 'cause they were trying to make extra money and it's their CEO who decided, ya' know, I think we can actually fly these things with just one pilot instead of two --

John: Yeah, 'cause it's all automated.

Russ: -- and then somebody kinda' went, "What happens if that guy kinda' gets sick?" They said, "A lot of the flight attendants can probably pick it up pretty fast." --

John: You see it in the movies all the time.

Russ: Yeah.

John: ________ the flight attendant brings the airplane down --

Russ: Or at least the flight attendant could say, "Excuse me, but do we by chance have a pilot on as a passenger right now?" --

John: Is there a pilot in the house.

Russ: Yeah. And if not, then they could say, "Alright. Have any of you flown any of these little model remote control airplanes?"

John: How about video games? Anybody got flight control on your Xbox.

Russ: Flight simulator. Come on up to the front, please. We need you right now. Alright. Before we wrap up today's School of Business, it's time once again for the very popular PKF Texas Entrepreneur's Playbook. So let's welcome Mr. Greg Price.

John: That's right. No simulator here. This guy's the real deal.

Russ: That's right. Alright and that wraps up today's School of Business. Stay tuned in for our interview with Dr. Franklin Chang Diaz, former astronaut, now founder and CEO of Ad Astra Rocket Company and this is the Businessmakers Show heard on the radio and seen online at thebusinessmakers.com

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