From Chapter 7, "Tolerating Risk- Being a Doer, Not a Dreamer" in Ingredients of Outliers  Years ago, in the Funky Winkerbean comic strip, Tony, the owner of the local pizza joint, is giving some business advice to the teenaged Funky and his friends. I don’t remember the exact words, but Tony explains to them that the way to make a small fortune in business is—to start out with a large fortune. By the way, the same holds true in aviation. The standing joke is that if you want to make a lot of money in aviation, start with a lot of money. Just ask Frank Lorenzo, former CEO of bankrupt … [Read more...]