"1st. From Mr. Boulton's own character as an ingenious, honest, and rich man. 2dly. From the difficulty and expense there would be of procuring accurate and honest workmen and providing them with proper utensils, and getting a proper overseer or overseers. If, to avoid this inconvenience, you were to contract for the work to be done by a master-workman, you must give up a great share of the profit. 3dly. The success of the engine is far from being verified. If Mr. Boulton takes his chance of success from the account I shall write Dr. Small, and pays you any adequate share of the money laid out, it lessens your risk, and in a greater proportion than I think it will lessen your profits. 4thly. The assistance of Mr. Boulton's and Dr. Small's ingenuity (if the latter engage in it) in improving and perfecting the machine may be very considerable, and may enable us to get the better of the difficulties that might otherwise damn it. Lastly, consider my uncertain health, my irresolute and inactive disposition, my inability to bargain and struggle for my own with mankind: all which disqualify me for any great undertaking. On our side, consider the first outlay and interest, the patent, the present engine, about £200 (though there would not be much loss in making it into a common engine), two years of my time, and the expense of models." Watt's estimate of the value of Boulton's ingenuity and talent was well-founded. Boulton had shown himself a good scholar, and had acquired considerable knowledge of the languages and of the sciences, particularly of mathematics, after leaving the school from which he graduated into the shop when still a boy. In the shop he soon introduced a number of valuable improvements, and he was always on the lookout for improvements made by others, with a view to their introduction in his business. He was a man of the modern style, and never permitted competitors to excel him in any respect, without the strongest efforts to retain his leading position. He always aimed to earn a reputation for good work, as well as to make money. His father's workshop was at Birmingham; but Boulton, after a time, found that his rapidly-increasing business would compel him to find room for the erection of a more extensive establishment, and he secured land at Soho, two miles distant from Birmingham, and there erected his new manufactory, about 1762.