[Founder Notes] Herb Kelleher

Pursue perfection of one thing. Southwest = intra-country transport. Stay frugal. Southwest was profitable every year because they didn't go extra. They survived in downturns as well as growth periods.

Be evangelical. Believe in your business. "Missionaries make better products because they believe in it."

Question assumptions to lead to innovation. First principles. Know what you're competing with, not who. Southwest wasn't competing with other airlines. They were competing with driving.

Simple: Simplicity yields savings and people love simplicity. Herb's simplified boarding pass saved $2m. Don't diversify products. Make the single best one.

Success is subtle. Stay focused on strengths and say no. Don't let ego impact decisions.

Small and fast. If you're small, you must be fast.

Be humorous. Life is too short, too hard, and too serious not to have a laugh.

— Jay