[sunilbhargava]

True. Causality vs Correlation. I would imagine that many if not most big successes had an acquisition offer along the way but could it be that becoming a google, apple, microsoft or oracle is much more a function of good strategy, good execution, good markets, good timing and good luck than a function of an entrepreneur walking away from an acquisition offer?

[sdurkin]

This is true. However, I think the point being made here is that while you need strategy, execution, timing, all of the things you just listed above (and more), even if you have all of these things, you still can't become "a Google" if you don't resist early offers.