If I have three good decisions a day, that's enough.

Focus on the big decisions. "As a senior executive, what do you really get paid to do?" he asks. "You get paid to make a small number of high-quality decisions. Your job is not to make thousands of decisions every day.

There've been times when leaders have to make decisions, and if you had read my 360 when I first started as a CEO, it would've repetitively said, "You take too long to make decisions, you're participative and that's good, but you need to move faster, be decisive." And as the years went, that stopped being on my 360 because I think I got more confident and more self-aware that sometimes decisions just needed to be made.

If you fast-forward through the years, there was a period of time when there was too much debate inside the company about the significance of e-commerce, there were leaders who believed it would never be any bigger than the catalog business, there were leaders that believed it would never be profitable.

As organizations get larger, there seems to be a tendency to use the heavy-weight Type 1 decision-making process on most decisions, including many Type 2 decisions. The end result of this is slowness, unthoughtful risk aversion, failure to experiment sufficiently, and consequently diminished invention. We'll have to figure out how to fight that tendency.

I think companies have a big problem making a big transition, so leaders get replaced.