10: MARGINS Never compete with low margins.

Always compete with high margins. Never pursue a competitive strategy contingent upon always being the lowest price supplier. Never assume you’ll make it up in volume. Always assume the competition will match or better any price cut. Destroy low cost business models. Exit commodity markets or dominate niches via superior positioning. Never enter a price war unless you have a realistic end game that involves increasing your margins or you actually are the lowest cost producer (seldom a case and almost never sustainable). And never sell for less than your cost. Never. Walk away from the customer, the market, the industry and the opportunity before selling for less than your cost.