Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.

There is no reason to believe that the people who staff the managerial and professional positions in our service institutions are any less qualified, any less competent or honest, or any less hard-working than the men who manage businesses. Conversely, there is no reason to believe that business managers, put in control of service institutions, would do better than the 'bureaucrats'. Indeed, we know that they immediately become bureaucrats themselves.

Management and entrepreneurship are only two different dimensions of the same task. An entrepreneur who does not learn how to manage will not last long. A management that does not learn to innovate will not last long.

Business exists to supply goods and services to customers and economic surplus to society, rather than to supply jobs to workers and managers or even dividends to shareholders.

Successful people know they need to get many things done-and done effectively. Therefore, they concentrate their time and energy on doing one thing at a time-and on doing first things firs.

Once the facts are clear the decisions jump out at you.

There is nothing worse than doing the wrong thing well.