Saras Saravasvathy

Saras Sarasvathy is a rare sort; she studies entrepreneurs and how they think. One would guess this is a common field in this country but it is surprisingly rare. There are fewer than 50 masters programs (fewer than 40 if you exclude the Phoenix degrees) and 6 PhD programs in the United States. So few centers of study for such an important topic. One would think in America there would be a Cabinet position on entrepreneurs.

Sarasvathy was on a radio program recently (http://taeradio.com/) and she was impressive. She can call on research and large case studies where she has examined the nature of the successful entrepreneur and some of her conclusions are surprising. For example, contrary to common entrepreneurial belief, successful entrepreneurs are not fearless, they risk only what they calculatingly feel they can lose; they never go "all in" because they want to be able to play again should they fail. Enthusiasm for the project among employees regardless of company position is crucial to success; similarly, never hire a job description. Some of the best hires are people who want to do a great job for the project in the position they were hired for, not people who are hired hoping they will advance out of the position. And employee stake in the project is a must.

And her observations are broader than business and insightful. When pressed about the freedom that creation of a business engenders without a direct reference to Rand she observed freedom is not license, it is the unfettered right to choose your own constraints. When the questioner missed her intent, she pressed him.

Maybe she could be the first Secretary of Entrepreneurs.