Our biggest challenge is how to create a self-renewing company.

The biggest barriers to strategic renewal are almost always top management's unexamined beliefs.

Strategy is, above all else, the search for above average returns.

Somewhere out there is a bullet with your company's name on it. Somewhere out there is a competitor, unborn and unknown, that will render your strategy obsolete. You can't dodge the bullet – you're going to have to shoot first. You're going to have to out-innovate the innovators.

There is no way to create wealth without ideas. Most new ideas are created by newcomers. So anyone who thinks the world is safe for incumbents is dead wrong.

The problem is not one of prediction. It is one of imagination.

We like to believe we can break strategy down to Five Forces or Seven Ss. But you can't. Strategy is extraordinarily emotional and demanding.