Last week, Lululemon founder Chip Wilson took out a full-page ad in The Wall Street Journal and let rip. His critique cut through the familiar boardroom haze, painting his former brand’s decline with the vivid urgency of a plane crash.

His words carried particular scorn for the board’s governance, faulting them for “systematically dismantling the business model” and losing key creative talent, as well as the institutional knowledge that made Lululemon great.

The financial data backs him up: Lululemon shares have plunged more than 50% over the past year.

At the heart of Wilson’s critique–and the top of his list of fixes–are words often forgotten as growth and corporate gentrification take hold: product, brand, entrepreneurial, and creative.

Each is essential to success. Each is gradua

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