If you don't understand the details of your business you are going to fail.

The common question that gets asked in business is, why? That’s a good question, but an equally valid question is, why not?

If your customer base is aging with you, then eventually you are going to become obsolete or irrelevant. You need to be constantly figuring out who are your new customers and what are you doing to stay forever young.

People who were right a lot of the time were people who often changed their minds.

Obsess about customers, not competitors.

There are multiple ways to be externally focused that are very successful. You can be customer-focused or competitor-focused. Some people are internally focused, and if they reach critical mass, they can tip the whole company.

There are two ways to extend a business. Take inventory of what you're good at and extend out from your skills. Or determine what your customers need and work backward, even if it requires learning new skills. Kindle is an example of working backward.