Technological obsolescence means that new technologies have superseded old technologies; however, the older device may still perform reliably, quickly, and safely. Although having the latest and best is appealing, it is often better to push old technology to its limits than to feel obligated to invest in the new.

“You can always recover from the player you didn’t sign. You may never recover from the player you signed at the wrong price.”

A moral hazard exists when organizations and individuals are not required to bear the negative consequences of their failures.

“All people are entrepreneurs, but many don’t have the opportunity to find that out.”

“At some point, you have to let go and trust your people. You sow the seed of trust by giving trust. I truly believe delegation begins with trusting others—followed by letting go.”

Trademark: a distinctive word, phrase, image, sound, fragrance, or combination used by an individual or business to distinguish its goods. Registration with the U.S. Patent and Trademark Office results in formal legal ownership and is indicated by ®. The symbol TM indicates an unregistered trademark for products, while SM indicates an unregistered

A feature is a fact. A benefit is how it helps the customer.

Learn an organization’s culture before working with or for it.

Borrowing money costs money, but the alternative is worse: Undercapitalization is one of the most common causes of business failure.