Submarine Strategy Market Entry

“WILLIAM SALOMON, FEBRUARY 22, 1994 Certainly at the time we were the largest risk-takers in the business. That wasn’t always necessarily out of choice. It was due to expediency. We didn’t have many people working for the firm who were members of the “right” clubs. Years ago, the old-time firms that became our major competitors had built-in business through family connections and college acquaintances. They were tied in because of who they were, while we were somewhat of a Johnny-come-lately with no Ivy League background and no tennis or other club memberships. We weren’t part of the “in” group in those days . . . So we had to fight our way in. The only way we knew how to fight was to take more risks than somebody else would take”

“We constantly had to illustrate we would pay more or sell cheaper. Our philosophy was taking chances . . . We were a risk-taking firm”

“What I do believe to be an essential, however, particularly for anyone with entrepreneurial aspirations, is an unfettered willingness to trust their instincts and to follow their own star, even if at times it might appear to be leading them towards the edge of the precipice.”

“However, pushing the envelope and zagging when everyone else zigs is something that just seems to be part of my DNA, and to date it has worked pretty well for me – most of the time, at least.”