There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.

Since we live in an age of innovation, a practical education must prepare a man for work that does not yet exist and cannot yet be clearly defined.

The question that faces the strategic decision maker is not what his organisation should do tomorrow. It is, what do we have to do today to be ready for an uncertain tomorrow?

Do not measure your life by your goals but what you are doing to achieve them.

Innovation requires us to systematically identify changes that have already occurred in a business - in demographics, in values, in technology or science - and then to look at them as opportunities. It also requires something that is most difficult for existing companies to do: to abandon rather than defend yesterday.

The enterprise that does not innovate ages and declines. And in a period of rapid change such as the present, the decline will be fast.

Successful leaders don't start out asking, 'What do I want to do?' They ask, 'What needs to be done?' Then they ask, 'Of those things that would make a difference, which are right for me?'