The ultimate measure of a successful company is survival. Survival means sustaining over a long period, beyond just current profits or growth. Many companies grow quickly and make large profits, but true success comes from the ability to survive in the long term.
1. Insights of Great Entrepreneurs
In 1858, Arthur B. Parker visited New York to ask famous entrepreneurs directly, “How can I make a million dollars?” He strove to learn the secrets of successful people, which changed his life. Parker later established a large factory in York, Pennsylvania, and successfully led his business by transporting steam engines worldwide.
2. Secrets of Success and Growth
Parker learned much through meetings with magnates like Andrew Carnegie. Carnegie understood human nature through literary classics and successfully ran his business based on that understanding. Despite his outstanding abilities, he did not overlook the details. Carnegie’s secret to success was applying the knowledge he gained from extensive reading and travel to his work.
3. The Importance of People
Parker was greatly influenced by Carnegie’s philosophy. Carnegie believed in the importance of having great people around him. This is well exemplified by his saying, “No man will make a great leader who wants to do it all himself or get all the credit for doing it.” The survival and success of a company depend on maximizing the potential of its human capital.
4. Adapting to Change
For a company to survive long-term, it must adapt to environmental changes and continuously innovate. Parker rebuilt and grew his company despite experiencing two major fires. Companies must quickly respond to changes by creating new products or services and improving existing ones.
5. The Importance of Long-Term Survival
Corporate survival is more important than merely pursuing profits. Companies that survive for 50 or 100 years must overcome multiple economic downturns, wars, and competitive threats. Entrepreneurs like Parker overcame these challenges and grew their companies, showing that the ultimate goal of a company is survival.
In Conclusion
In summary, the most significant feature of a successful company is its ability to survive sustainably over a long period. Adapting to changes, continuous innovation, and gathering excellent talents to lead the organization are keys to survival. Survival is the ultimate measure of a company’s true performance, beyond just profit.
References: MicroCapClub, “Survival”