Innovation is the specific instrument of entrepreneurship.
Management by objective works-if you know the objectives. Ninety percent of the time you don't.
Most discussions of decision-making assume that only senior executives make decisions or that only senior executives' decisions matter. This is a dangerous mistake.
No institution can possibly survive if it needs geniuses or supermen to manage it. It must be organized in such a way as to be able to get along under a leadership composed of average human beings.
People who don't take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year.
Suppliers and especially manufacturers have market power because they have information about a product or a service that the customer does not and cannot have, and does not need if he can trust the brand. This explains the profitability of brands.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.