As we were working on the March issue of the LMR, we learned that our friend, co-author, and hero Nelson Nash died. He had been in poor health but we were shocked by the suddenness with which he left us. We decided to devote our respective articles this issue to the legacy of Nelson, and we also have reprinted our past LMR interviews of him. However, Nelson would have wanted us to forge ahead and continue with the battle of ideas. “Life goes on,” as he would remind us whenever we began to fret too heavily about the fate of the U.S. dollar or the loss of financial privacy. We hope this special issue of the LMR offers the proper blend of respect for Nelson while continuing our mission of Building the 10%.
According To The Kauffman Index of Startup Activity1 the share of new entrepreneurs who started businesses to pursue opportunity rather than from necessity is now up more than 12 percentage points higher than in 2009 at the height of the Great Recession. This of course is a very encouraging nationwide trend and I extend my admiration to all those individuals who have ventured out into an endeavor where only about half survives the first five years in operation. Obviously, by any measure, these are certainly not great odds so I also applaud their courage and their desire to start their very own enterprise.