I think it is only in hindsight that you can determine whether something is a mistake or not.

Make sure that you take the time to think about how other companies might respond to your idea, both those companies already in the market you plan to target as well as others that might imagine targeting that market.

Leaders today face challenges for which they are utterly unprepared.

If you are trying to improve the performance of existing operations in known markets, it is an analytical problem where it's just a question of aligning your execution engine in the right way. If it is about creating something new and different, you can't derive the right answer analytically.

I'm suggesting that principles meant to deal with uncertainty that occurs naturally can be useful to manage the uncertainty that characterizes any new idea.

Document, evaluate, focus, test.

Every great idea emerges out of a process of trial-and-error experimentation.