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You've got to keep reinventing. You'll have new competitors. You'll have new customers all around you.

If we're building high quality companies, if the customers like the products, if the technology innovation is real, then the substance is going to win out in the end.

So I think instead of focusing on the competition, focus on the customer.

Any company has got to reinvent itself again and again.

Companies buy customers when they cannot win new business on their own. They merge when their executives do not have a better idea of what to do.

I think good companies can navigate being public and doing the right things for their customers.

I think that companies always become complacent, over time. Or most companies, that is.

Companies cannot really see beyond their current customer base. They explicitly or implicitly do things to protect their current customers. And the last person to want real change is your customer. This is why most new ideas come from small companies that have nothing to lose.

It's harder than ever to build an enduring company. As soon as a product strikes a nerve with customers, competitors emerge globally because the costs to start are so low.

When you know who your customers are, that can give you an edge on the competition.