III.

DURABILITY
People often talk about “first mover advantage.” But focusing on that
may be problematic; you might move first and then fade away. The
danger there is that you simply aren’t around to succeed, even if you
do end up creating value. More important than being the first mover
is being the last mover. You have to be durable. In this one particular
at least, business is like chess. Grandmaster José Raúl Capablanca put
it well: to succeed, “you must study the endgame before everything
else.”