Profit is like oxygen, food, water, and blood for the body; they are not the point of life, but without them, there is no life.

If we allow the celebrity rock-star model of leadership to triumph, we will see the decline of corporations and institutions of all types. The twentieth century was a century of greatness, but we face the very real prospect that the next century will see very few enduring great institutions.

Level 5 leaders are differentiated from other levels of leaders in that they have a wonderful blend of personal humility combined with extraordinary professional will. Understand that they are very ambitious; but their ambition, first and foremost, is for the company's success. They realize that the most important step they must make to become a Level 5 leader is to subjugate their ego to the company's performance. When asked for interviews, these leaders will agree only if it's about the company and not about them.

No matter what. Wherever your mind wanders, it seems to turn up at the same Field of Dreams. It's the vision you wake up with in the morning, and it's the last thing you picture before you fall asleep. Everytime you think of it, the idea in your head seems to get more vivid, filled in with more detail: You not only want to win a gold medal at the Olympics, you not only can see yourself standing there on the podium, but you can also feel the goose bumps as your national anthem is played; the tears are in your eyes. (That's how real a dream can be and should be)

Genius of AND. Embrace both extremes on a number of dimensions at the same time. Instead of choosing a OR B, figure out how to have A AND B-purpose AND profit, continuity AND change, freedom AND responsibility, etc.

First figure out your partners, then figure out what ideas to pursue. The most important thing isn't the market you target, the product you develop or the financing, but the founding team.

The drive for progress doesn't wait for the external world to say "It's time to change."