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

Capitalism has taught us that markets are always more efficient than hierarchical managerial coordination. But in a situation where those three conditions aren't met, I can't outsource or partner with you because markets don't function in the absence of sufficient information.

The biggest mistake is an over-reliance on data. Managers will say if there are no data they can take no action. However, data only exist about the past. By the time data become conclusive, it is too late to take actions based on those conclusions.

Children build self-esteem by doing things that are hard and learning what works.

Many think of management as cutting deals and laying people off and hiring people and buying and selling companies. That's not management, that's deal making. Management is the opportunity to help people become better people. Practiced that way, it's a magnificent profession.

Watching how customers actually use a product provides much more reliable information than can be gleaned from a verbal interview or a focus group.

The only useful information about the market will be what I create through expeditions into the market, through testing and probing, trial and error, by selling real products to real people who pay real money.