What are bad recommendations you hear in your profession or area of expertise?

There are a few things I dismiss and a few I believe in thoroughly. The former include economic forecasts, which I think don't add value, and the list of the latter starts with cycles and the need to prepare for them.

I am in favor of strengthening the freedom of the market. At the same time, I am very unhappy about the conceptual restrictions imposed on the players in the market. This originates from the assumption that entrepreneurs are one-dimensional human beings, who are dedicated to one mission in their business lives − to maximize profit.

And it brings us to the debate that has been going on here: aid versus private sector, aid versus trade, etc. And someone stood up to say that one of the frustrating things is that it's been a simplistic debate. And that's not what the debate should be about. That's engaging in the wrong debate. The issue here is how do we get a partnership that involves government donors, the private sector and ordinary African people taking charge of their own lives? How do we combine all this?

In order to grasp every opportunity, you cannot — you must not — decide your "career path" in advance. Don't have a job fixed in your sights and work backwards — it can be the road to disappointment because you risk passing up opportunities that might take you "off-course."

This is what happens when we confuse morality with frugality. We've all been taught that the bake sale with five percent overhead is morally superior to the professional fundraising enterprise with 40 percent overhead, but we're missing the most important piece of information, which is: What is the actual size of these pies? Who cares if the bake sale only has five percent overhead if it's tiny?

For me, too many chefs and too many restaurants are too precious about what they serve. They create what they see as a temple of gastronomy and it becomes an experience of how fantastic everything is, rather than 'just come and have a nice time'. That's it... it's that simple.

Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power. I have good news for these non-professionals: The typical investor doesn't need this skill. ... The goal of the non-professional should not be to pick winners – neither he nor his "helpers" can do that – but should rather be to own a cross-section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal.

I absolutely don’t believe in doing … focus groups and all that shit. Proctor and Gamble-style, no risk. Just do it

Don’t be a “me too” entrepreneur. Leaders and organizations that only follow cannot be successful over the long term.

The three phrases I regard as being taboo would have to be: (1) I’ll think on it and try to do better, (2) We’re doing that, too, and (3) We need more man-hours and money first. These are the three phrases we mustn’t use at Toyota.

The worst advice was to start a record label when I wanted to be a musician. It was smart advice. It could have made me more money, but it did not inspire me.