Be candid with everyone.

In every company, differentiation is never more important than it is in times of trouble, and that's the time when everyone tends to go to the well and equalize rather than differentiate.

Make winners out of every business in your company. Don't carry losers.

The team with the best players usually does win - this is why you need to invest the majority of your time and energy in developing your people.

The most important quality of leadership is intellectual honesty. The reality principle - the ability to see the world as it really is, not as you wish it were.

Change before you have to.

Face reality as it is, not as it was, or as you wish it were. Be candid with everyone. Don't manage, lead. Change before you have to. If you don't have a competitive advantage, don't compete. Control your own destiny, or someone else will.