A manager is responsible for the application and performance of knowledge.

Teaching 23-year-olds in an MBA programme strikes me as largely a waste of time. They lack the background of experience. You can teach them skills - accounting and what have you - but you can't teach them management.

With Christianity, freedom and equality became the two basic concepts of Europe; they are themselves Europe.

Systematic decision review also shows executives their own weaknesses, particularly the areas in which they are simply incompetent. In these areas, smart executives don't make decisions or take actions. They delegate.

Time is the scarcest resource.

Everything requires time. It is the only truly universal condition. All work takes place in time and uses up time. Yet most people take for granted this unique, irreplaceable, and necessary resource. Nothing else, perhaps, distinguishes effective executives as much as their tender loving care of time.

The single most important thing to remember about any enterprise is that there are no results inside its walls. The result of a business is a satisfied customer.