Rise and fall of companies

Studying the rise and fall of companies very interesting. I am a great fun of studying history and I am today mesmerized to study about the rise of a giant company Samsung. There is a great inspiration I get from realizing how great fortunes are made within a few decades. It is equally interesting to study the downfall of great companies such as Nokia. The following are the lessons I derive from the study.

1. Innovation isn’t everything. There are great product out there but who knows about them, who have seen them and who has tried them out? You have genius ideas right? But will you bring them to realization?
2. Go where the customers are - don't waste your time selling your product where it is not wanted or where you have great competition, just go where the customers are!
3. Celebrate your mistakes - Everybody makes mistakes. Let your mistakes build you up by avoiding to go that route again.
4. Cautiously embrace change - Don't be like Nokia, when android come don't stick to Symbian or otherwise we will soon forget about you! However don't jump to every new thing without a thought, give every new idea time and thought before switching
5. Take a cautious approach to cash management - keep some of your profit for tomorrow, diversify and share some with society