- Hardcover: 280 pages
- Publisher: Stanford University Press (Feb 2011)
- Language English
- ISBN-10: 0804772215
- ISBN-13: 978-0804772211
- Product Dimensions: 23.1 x 15.5 x 2.5 cm
- Amazon Bestsellers Rank: 1,342,670 in Books (See Top 100 in Books)
Enduring Success
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9 reviews
3 of 3 people found the following review helpful
The new, "Built to Last"!
24 Mar 2011
Format:Hardcover
A few years back I was engrossed by Jim Collins and Jerry Porras' `Built to Last', so I could not resist taking a look at `Enduring Success', a book that essentially covers the same question: How can companies succeed over many decades? It was fascinating to see how management scholars moved on since the early 1990s (when `Built to Last' was published). The talk of vision, mission, and other vague concepts gave way to some hard core strategy advice. Personally I think that is a good move. Let me quickly summarize what the book covers.
Christian Stadler identified nine companies that beat the major stock markets by at least the factor 15 over the past 50 years and finds a comparison company for each of them. Many of these comparison companies still did pretty well. He then explains what distinguishes the nine top companies from the others. Following a more general chapter describing the need for strategic fit the core of the book describes five characteristics of the great companies:
*Exploit before you explore: while great companies invest heavily in innovation their success is primarily driven by making the most of each innovation.
*Be conservative in and beyond your finances: the great companies make sure that they always have reserves and spare cash - something that should be obvious to any company after the financial crisis.
*Remember and share both mistakes and triumphs: mistakes are embarrassing and it would be natural to forget about them but great companies understand that they are great learning opportunities.
*Diversify into related businesses: industries go through cycles and sometimes entire product categories simply die. To avoid being trapped in such an industry great companies diversify. What's important though is that they do this into related industries where they can leverage their knowledge and skills.
*Change in culturally sensitive ways: when great companies change they do this in a way that is in-sync with its culture. As several examples in the book highlight radical steps that do not take the culture of a company into account simply won't work.
While this core section of the book concentrates on strategy considerations there is also a fascinating chapter on leadership at the end of the book. In line with the overall message of the book the leaders of great companies are great listeners and communicators and not necessarily the bold `bet your company' types.
This book is a great read that provides some profound and thought provoking ideas. It's also rather refreshing to see a business book that does not claim to provide a magic potion. The book takes its readers serious and provides tons of fascinating examples!
Christian Stadler identified nine companies that beat the major stock markets by at least the factor 15 over the past 50 years and finds a comparison company for each of them. Many of these comparison companies still did pretty well. He then explains what distinguishes the nine top companies from the others. Following a more general chapter describing the need for strategic fit the core of the book describes five characteristics of the great companies:
*Exploit before you explore: while great companies invest heavily in innovation their success is primarily driven by making the most of each innovation.
*Be conservative in and beyond your finances: the great companies make sure that they always have reserves and spare cash - something that should be obvious to any company after the financial crisis.
*Remember and share both mistakes and triumphs: mistakes are embarrassing and it would be natural to forget about them but great companies understand that they are great learning opportunities.
*Diversify into related businesses: industries go through cycles and sometimes entire product categories simply die. To avoid being trapped in such an industry great companies diversify. What's important though is that they do this into related industries where they can leverage their knowledge and skills.
*Change in culturally sensitive ways: when great companies change they do this in a way that is in-sync with its culture. As several examples in the book highlight radical steps that do not take the culture of a company into account simply won't work.
While this core section of the book concentrates on strategy considerations there is also a fascinating chapter on leadership at the end of the book. In line with the overall message of the book the leaders of great companies are great listeners and communicators and not necessarily the bold `bet your company' types.
This book is a great read that provides some profound and thought provoking ideas. It's also rather refreshing to see a business book that does not claim to provide a magic potion. The book takes its readers serious and provides tons of fascinating examples!
1 of 1 people found the following review helpful
Companies succeed by being intelligently conservative
5 Oct 2011
Format:Hardcover
Professor Stadler's interview on "Enduring Success" ran as the Rorotoko Cover Feature on February 07, 2011 (and can be read in the Rorotoko archive).
1 of 1 people found the following review helpful
beats 'good to great'
25 Mar 2011
Format:Hardcover
Straight forward, full with practical examples, and still solid! I previously read `Good to Great' and liked it. But this is better. The book has more depth, and feels more honest. Unlike many other business books it does not claim to provide the ultimate answer. This does not mean that the author shies away from having an opinion and backing it up with tons of examples, but he acknowledges that this is his interpretation and due to the nature of the research (case study research) he does not provide proven hypotheses.
So what did I like most? Innovation is a hot topic at the moment and the general impression is that a great idea will make you a millionaire. Great companies in this study were also innovative but what quickly becomes apparent is that the real driver of success is the exploitation of an innovation. This is what separates the great from the good.
In any case, this is a book you should read!
So what did I like most? Innovation is a hot topic at the moment and the general impression is that a great idea will make you a millionaire. Great companies in this study were also innovative but what quickly becomes apparent is that the real driver of success is the exploitation of an innovation. This is what separates the great from the good.
In any case, this is a book you should read!
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