Parachuting into a $65 billion company that was hemorrhaging cash and trying to turn it around is a daunting enough task. Trying to do it without a good CFO and HR director is impossible.

This is part of my management philosophy. Executives should know they don’t accumulate wealth unless the long-term shareholders do the same.

Many IT companies that have built their businesses on some proprietary product have tried to leap across that chasm. Few have made it across successfully.

Perhaps the greatest mistake I’ve seen executives make is to confuse expectations with inspection.

Great companies cannot be built on processes alone. But believe me, if your company has antiquated, disconnected, slow-moving processes—particularly those that drive success in your industry—you will end up a loser.