The manager is a servant. His master is the institution he manages and his first responsibility must therefore be to it.

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.

As to the idea that advertising motivates people, remember the Edsel.

The more successful the unit, the more difficult it is to make sure that the large company doesn't put the same expectations on it as it does for the rest of the company. When it's a new venture, whether it's outside or inside the business, it's a child. And you don't put a 40-pound pack on a 6-year-old's back when you take her hiking.

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.

Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. And they need to know and to apply the principles of successful innovation.

Efficiency, which is doing things right, is irrelevant until you work on the right things.