The boss must first distinguish between action information and status information. He must discipline himself not to act on problems read more

The boss must first distinguish between action information and status information. He must discipline himself not to act on problems his managers can solve, and never to act on problems when he is explicitly reviewing status. I once knew a boss who invariably picked up the phone to give orders before the end of the first paragraph in a status report. That response is guaranteed to squelch full disclosure.

The trouble with being poor is that it takes up all your time.

The trouble with being poor is that it takes up all your time.

The employer generally gets the employees he deserves.

The employer generally gets the employees he deserves.

We don't want to push our ideas on to customers, we simply want to make what they want.

We don't want to push our ideas on to customers, we simply want to make what they want.

He that is rich is wise.

He that is rich is wise.

The five essential entrepreneurial skills for success: Concentration, Discrimination, Organization, Innovation and Communication.

The five essential entrepreneurial skills for success: Concentration, Discrimination, Organization, Innovation and Communication.

The rich adopt novelties and become accustomed to their use. This sets a fashion which others imitate. Once the richer read more

The rich adopt novelties and become accustomed to their use. This sets a fashion which others imitate. Once the richer classes have adopted a certain way of living, producers have an incentive to improve the methods of manufacture so that soon it is possible for the poorer classes to follow suit. Thus luxury furthers progress. Innovation "is the whim of an elite before it becomes a need of the public. The luxury today is the necessity of tomorrow." Luxury is the roadmaker of progress: it develops latent needs and makes people discontented. In so far as they think consistently, moralists who condemn luxury must recommend the comparatively desireless existence of the wild life roaming in the woods as the ultimate ideal of civilized life.

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information read more

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.

Usually the greatest boasters are the smallest workers. The deep rivers pay a larger tribute to the sea than shallow read more

Usually the greatest boasters are the smallest workers. The deep rivers pay a larger tribute to the sea than shallow brooks, and yet empty themselves with less noise.