Hey Kam, thank you for the great reply! I'll try to answer a few based on what I think, but its just my opinion and feeling I got when I read his book:

- On success and failure, I think its more of a self-awareness rather than a data thing. He probably means to be aware of what is working and what is not so you can make adjustments if needed.

- Always run like you're competing with the best is a mindset more than a business strategy. It means that you should always put your best effort and provide the best service and value, in order to compete with the best.

- An exit strategy is different from being able to pivot or make changes. An exit strategy means you have a way out if your business fails, which is what he says to avoid having or even considering.

- Don't ever buy swag is probably an observation that some company's buy all kinds of stuff before they even have a profitable company. Its practical but is also just advice on what you should be focusing of and where your efforts should be.

Hope this helps!