Quite often startups were first out of the gate with a sustaining technology. But somehow the leaders got the technology and stayed atop their industries. Sometimes they acquired the startup; sometimes they just developed the technology as a follower and used their muscle and mass to win. But they always won.

How can you make sense of the future when you only have data about the past?

This is one of the innovator’s dilemmas: Blindly following the maxim that good managers should keep close to their customers can sometimes be a fatal mistake.

Efficiency innovations provide return on investment in 12-18 months. Empowering innovations take 5-10 years to yield a return. We have ample capital - oceans of capital - that is being reinvested into efficiency innovation.

Often they [writers on the study of management] have a point of view based upon intuition and experience. They then offer a cadence of two-paragraph examples carefully selected to "prove" their theory, and then they write "one size fits all" books. The message is, "If you'd do what these companies did, you'd be successful too."

Management is the most noble of professions if it's practiced well.

I have continued systematically to study the Book of Mormon and Bible to understand even more deeply what God expects of me and my family while on this earth.