So it's worth some real up front time to think through the long term value and the defensibility of the business.

If you pivot, do it fully and with conviction. The worst thing is to try to do a bit of the old and the new-it's hard to kill your babies.

We talk to a team they've gotten new things done, that's the best predictor we have that a company will be successful.

Don't let the company get distracted or excited about other things. A common mistake is that companies get excited by their own PR.

Be suspicious of any work that is not building product or getting customers.

If you don't need it yourself, and you're building something that someone else needs, realize you're at a big disadvantage.

You can create value with breakthrough innovation, incremental refinement, or complex coordination. Great companies often do two of these. The very best companies do all three.