One strategy is to only invest in building things that people need. This can be determined by conducting market research to understand the demand for a product before investing in it. Another strategy is to avoid getting into businesses that have a limited market, as indicated by the trombone oil example. It's also important to have a clear sense of right and wrong, and to be guided by this in business decisions.
Chairman and CEO of the Walt Disney Company, Robert Iger, tells his story and lays out the principle...
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