LAS VEGAS–Media Mogul Steve Forbes, chairman and editor in chief of Forbes Media, told attendees at FreedomFest about the need to innovate to avoid faltering in business and shared a story about how his grandfather B.C. Forbes turned down tens of millions of dollars to sell the publication in 1927 before he nearly lost the company three years later in the Great Depression.
Rather than succumb to bankruptcy, the grandfather enacted pay cuts and helped lead the company to survive and ultimately culminate this year with its 100th anniversary. The younger Forbes also spent part of his morning at FreedomFest judging a ‚??Pitch Tank‚?Ě competition and awarded first place to Revive Solutions, Inc., a company that aims to have mobile phones use computer chips to work with its automated external defibrillator (AED) devices to help save people who suddenly go into cardiac arrest.
Steve Forbes recalled his father, Malcolm Forbes, saying the purpose of business was to produce happiness, not to make money. Steve Forbes told FreedomFest attendees that unlike many other media organizations, his company, along with its editors and writers, don‚??t view business people as ‚??miscreants.‚?Ě
Instead, Forbes said his organization perceives business people and entrepreneurs positively.
‚??Capitalism leads to extraordinary entrepreneurial spirit,‚?Ě Forbes said.
William Baldwin, a former editor at Forbes, also spoke about the 100th anniversary of the magazine by saying, ‚??Forbes outlived the Bolsheviks.‚?Ě
The session‚??s moderator Dr. Mark Skousen, editor of the Forecasts & Strategies investment newsletter, commented that communism remains alive despite its failures. He added that MIT Press recently published a book called ‚??Communism for Kids.‚?Ě
In support of free markets, Forbes said his entire family participated in events on his father‚??s ‚??Highlander‚?Ě yacht to help cultivate clients and advertising sales.
‚??Business is like a garden,‚?Ě Forbes said. ‚??You have to take care of it.‚?Ě
Click here to read the full article, “Steve Forbes Discloses Key Crossroads of His Media Company‚??s 100-Year History, Judges ‚??Pitch Tank‚??.“