Profit is not the explanation, cause, or rationale of business behavior and business decisions, but the test of their validity.

Doing the right thing is more important than doing the thing right.

Objectives can be compared to a compass bearing by which a ship navigates. A compass bearing is firm, but in actual navigation, a ship may veer off its course for many miles. Without a compass bearing, a ship would neither find its port nor be able to estimate the time required to get there.

What we need is an entrepreneurial society in which innovation and entrepreneurship are normal, steady and continuous.

Every first-rate editor I have ever heard of reads, edits and rewrites every word that goes into his publication.... Good editors are not 'permissive'; they do not let their colleagues do 'their thing'; they make sure that everybody does the 'paper's thing.' A good, let alone a great editor is an obsessive autocrat with a whim of iron, who rewrites and rewrites, cuts and slashes, until every piece is exactly the way he thinks it should have been done.

Innovative efforts should never report to line managers charged with responsibility for ongoing operations. The new project is an infant and will remain one for the foreseeable future, and infants belong in the nursery. The 'adults', that is, the executives in charge of existing businesses or products will have neither the time nor understanding for the infant.

Succession planning often results in the selection of a weaker representation of yourself.