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You can't base an industry solely on one person. That's a very vulnerable business strategy.

You have to maintain your principles but have a broader appeal.

Put not your trust in new leaders, better systems, new organisations or regulatory reorganisation. They may well be good and necessary, but will to some degree fail.

Successful enterprises are built from the ground up. You can't assemble them with a bunch of acquisitions.

Business is a string of seemingly impossible problems looking for solutions. Each problem you solve creates a new barrier to entry for your next competitor.

You need to put your hands around the throat of your business, and you need to run it. There's no other way.

A merger is hard to pull off under any circumstances. It's harder when everybody is against you.

Well, you can't be trying to achieve success of any kind in this business without accepting that there's going to be a flip side to it.

Give your employees a shot at showing the company a new way, and provide the room for them to chalk up a few small victories. Once they've proved that their idea can work on a limited basis, they can begin to scale it up.

You have to stick out the toughness of the business and form relationships with the people in it.