One
who fears the future, who fears failure, limits his activities. Failure
is only the opportunity more intelligently to begin again. There is no
disgrace in honest failure; there is disgrace in fearing to fail. What
is past is useful only as it suggests ways and means for progress.
2. A disregard of competition. Whoever does a thing best ought to be the
one to do it. It is criminal to try to get business away from another
man--criminal because one is then trying to lower for personal gain the
condition of one's fellow man--to rule by force instead of by
intelligence.
3. The putting of service before profit. Without a profit, business
cannot extend. There is nothing inherently wrong about making a profit.
Well-conducted business enterprise cannot fail to return a profit, but
profit must and inevitably will come as a reward for good service. It
cannot be the basis--it must be the result of service.
4. Manufacturing is not buying low and selling high. It is the process
of buying materials fairly and, with the smallest possible addition of
cost, transforming those materials into a consumable product and giving
it to the consumer.
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