A well-conceived product excels at what it does. It's close to being functionally flawless - like a Ziploc bag, a radio from Tivoli Audio, a Philips Sonicare toothbrush, a Nespresso coffee maker or Google's home page.

It doesn't matter much where your company sits in its industry ecosystem, nor how vertically or horizontally integrated it is - what matters is its relative 'share of customer value' in the final product or solution, and its cost of producing that value.

Over time, a successful company will acquire much in the way of resources and momentum, and these things often insulate it from reality once it has stopped being successful.

I got a pot a' coffee at home. I haven't put it on the stove in 10 years. I don't drink coffee at home.

I'll drink Juan Valdez's coffee, but I don't want to ride his burro.

I didn't even feel like I was close (to hitting the bag). I don't know how it happened. But that's how honest a person I am -- I went back.