Tim O’Reilly delivers his usual keen business wisdom, packaged up into an excellent article.
On the bubble:
One test of a bubble is how many entrepreneurs are focused on their upcoming payday rather than on the big things they hope to accomplish. Me-too products are almost always payday-focused; the entrepreneurs who first made the market often had much less expectation of easy success, and were instead wrestling, like Jacob with the angel, with a hard problem that they thought they could solve, or at the very least make a dent on.
I remember back in the early days of the Internet, when the buyer at Borders told me after one of my talks, "Well, you've just given your competitors their publishing program for the year." If my goal is really "changing the world by spreading the knowledge of innovators," I'm thrilled when my competitors jump on the bandwagon and help me spread the word!
On the social value of business:
We need to build an economy in which the important things are paid for in self-sustaining ways rather than as charities to be funded out of the goodness of our hearts.
On capturing value:
It's a matter of balance. Every business needs to pay attention to its bottom line; every individual needs to put a roof over his or her head and provide food for loved ones. But take a look inside: how much are you thinking about yourself and what you might gain, versus what you might create?