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.

The way to have a company that executes well is you have to execute well yourself.

Share results (financial and key metrics) with the company every month.

Move fast. Speed is one of your main advantages over large companies.

Firing people is one of the worst parts of running a company. Actually in my own experience, I think it is the worst.

You have to let your team get all the credit for all the good stuff that happens, and you take responsibility for the bad stuff.

You need someone that behaves like James Bond more than you need someone that is an expert in some particular domain.