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Understanding Our Strengths, Articulating Our Values, Knowing Where We Belong -- These Are Also Essential To Addressing One Of The Great Challenges Of Organizations: Improving The Abysmally Low Productivity Of Knowledge Workers.

-Peter Drucker

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Understanding Our Strengths, Articulating

Peter Drucker

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Understanding Our Strengths, Articulating Our Values, Knowing Where We Belong -- These Are Also Essential To Addressing One Of The Great Challenges Of Organizations: Improving The Abysmally Low Productivity Of Knowledge Workers.

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Management Is About Human Beings. Its Task Is To Make People Capable Of Joint Performance, To Make Their Strengths Effective And Their Weaknesses Irrelevant.

It Is Willingness Of People To Give Of Themselves Over And Above The Demands Of The Job That Distinguishes The Great From The Merely Adequate.

If A Business Is To Be Considered A Continuous Process, Instead Of A Series Of Disjointed Stop-and-go Events, Then The Economic Universe In Which A Business Operates-and All The Major Events Within It-must Have Rhyme, Rhythm, Or Reason.

The Job Of A Professional Manager Is Not To Like People. It Is Not To Change People. It Is To Put Their Strengths To Work.

Keep The Boss Aware. Bosses, After All, Are Held Responsible By Their Own Bosses For The Performance Of Their Subordinates. They Must Be Able To Say: "i Know What Anne [or John] Is Trying To Do."

In The Knowledge Economy Everyone Is A Volunteer, But We Have Trained Our Managers To Manage Conscripts.

Effective People Are Not Problem Minded; They're Opportunity-minded. They Feed Opportunities And Starve Problems. They Think Preventively.

The Most Effective Way To Manage Change Is To Create It.

The Only Real Difference Between One Organization And Another Is The Performance Of Its People.

Success In The Knowledge Economy Comes To Those Who Know Themselves - Their Strengths, Their Values, And How They Best Perform.

You Can Either Take Action, Or You Can Hang Back And Hope For A Miracle. Miracles Are Great, But They Are So Unpredictable.

There Is A Point Of Complexity Beyond Which A Business Is No Longer Manageable.

A Man Should Never Be Appointed Into A Managerial Position If His Vision Focuses On People's Weaknesses Rather Than On Their Strengths.

You Must Accept That If The Computer Is A Tool, It Is The Job Of Tool User To Know What To Use It For.

Tomorrow Everybody - Or Practically Everybody - Will Have Had The Education Of The Upper Class Of Yesterday, And Will Expect Equivalent Opportunities. That Is Why We Face The Problem Of Making Every Kind Of Job Meaningful And Capable Of Satisfying Every Educated Man.

Providing More Desirable Products, Services, And Customer Experiences Is Vital To The Continued Existence Of Any Business. And That Is Innovation.

Customer Experience

Effective Innovations Start Small. They Are Not Grandiose. They Try To Do One Specific Thing.

Strategy Is A Commodity, Execution Is An Art.

The Knowledge We Now Consider Knowledge Proves Itself In Action. What We Now Mean By Knowledge Is Information Effective In Action, Information Focused On Results. Results Are Outside The Person, In Society And Economy, Or In The Advancement Of Knowledge Itself. To Accomplish Anything This Knowledge Has To Be Highly Specialized.

Rank Does Not Confer Privilege Or Give Power. It Imposes Responsibility.

Everybody Has Accepted By Now That Change Is Unavoidable. But That Still Implies That Change Is Like Death And Taxes - It Should Be Postponed As Long As Possible And No Change Would Be Vastly Preferable. But In A Period Of Upheaval, Such As The One We Are Living In, Change Is The Norm.

When The Business Grows, The Person Who Founded It Is Incredibly Busy. Rapid Growth Puts An Enormous Strain On A Business. You Outgrow Your Production Facilities. You Outgrow Your Management Capabilities.

The New Information Technology... Internet And E-mail... Have Practically Eliminated The Physical Costs Of Communications.

Salvation By Society Failed The Most Where It Promised The Most, In The Communist Countries. But It Also Failed In The West. Practically No Government Program Enacted Since The 1950s In The Western World - Or In The Communist Countries - Has Been Successful.

To Improve Communications, Work Not On The Utter, But The Recipient.

There Is Nothing So Useless As Doing Efficiently That Which Should Not Be Done At All.

Far Too Much Reorganization Goes On All The Time. Organizitis Is Like A Spastic Colon.

The Computer Actually May Have Aggravated Management's Degenerative Tendency To Focus Inward On Costs.

An Organization Which Just Perpetuates Today's Level Of Vision, Excellence, And Accomplishment Has Lost The Capacity To Adapt.

[the Masses] ... Must Turn Their Hopes Toward A Miracle. In The Depths Of Their Despair Reason Cannot Be Believed, Truth Must Be False, And Lies Must Be Truth. "higher Bread Prices," "lower Bread Prices," "unchanged Bread Prices" Have All Failed. The Only Hope Lies In A Kind Of Bread Price Which Is None Of These, Which Nobody Has Ever Seen Before, And Which Belies The Evidence Of One's Reason.

The Individual Is The Central, Rarest, Most Precious Capital Resource Of Our Society.

We Will Have To Learn To Lead People Rather Then To Contain Them.

The Enterprise, By Definition, Must Be Capable Of Producing More Or Better Than All The Resources That Comprise It.

The Question That Faces The Strategic Decision Maker Is Not What His Organisation Should Do Tomorrow. It Is, What Do We Have To Do Today To Be Ready For An Uncertain Tomorrow?

Although He Reputedly Hated The Label Of 'guru', Peter Drucker Was, By Any Standards, The Greatest Management Guru The World Has Yet Seen. In 1996, The Mckinsey Quarterly Journal Described Him As The 'the One Guru To Whom Other Gurus Kowtow' And Robert Heller Described Him As 'the Greatest Man In The History Of Management', Praise Indeed For A Man Who Described Himself As 'just An Old Journalist'.

The Healthier A New Venture And The Faster It Grows, The More Financial Feeding It Requires.

Concentration Is The Key To Economic Results. No Other Principle Of Effectiveness Is Violated As Constantly Today As The Basic Principle Of Concentration.... Our Motto Seems To Be, "let's Do A Little Bit Of Everything."

You Cannot Build Performance On Weaknesses. You Can Build Only On Strengths.

Marketing And Innovation Produce Results; All The Rest Are Costs.

Unless We Realize That The Essence Of Nazism Is Also An Attempt To Solve A Universal Problem Of Western Civilization - That Of The Industrial Society - And That The Basic Principles On Which The Nazis Base This Attempt Are Also In No Way Confined To Germany, We Do Not Know What We Fight For Or What We Fight Against... The War Is Being Fought For The Structure Of Industrial Society - Its Basic Principles, Its Purposes, And Its Institutions.

Leadership Is All Hype. We've Had Three Great Leaders In This Century-hitler, Stalin, And Mao.

A Manager Sets Objectives - A Manager Organizes - A Manager Motivates And Communicates - A Manager, By Establishing Yardsticks, Measures - A Manager Develops People.

We All Have A Vast Number Of Areas In Which We Have No Talent Or Skill And Little Chance Of Becoming Even Mediocre. In Those Areas A Knowledge Workers Should Not Take On Work, Jobs And Assignments. It Takes Far More Energy To Improve From Incompetence To Mediocrity Than It Takes To Improve From First-rate Performance To Excellence.

To Arrive At The Definition Of The Problem He Must Begin By Finding The 'critical Factor'. This Is The Element (or Elements) In The Situation That Has To Be Changed Before Anything Else Can Be Changed, Moved, Acted Upon.

The First Organization Structure In The Modern West Was Laid Down In The Canon Law Of The Catholic Church Eight Hundred Years Ago.

The Real Development I've Seen Of People In Organizations, Especially In Big Ones, Comes From Their Being Volunteers In A Nonprofit Organization - Where You Have Responsibility, You See Results, And You Quickly Learn What Your Values Are. There Is No Better Way To Understand Your Strengths And Discover Where You Belong Than To Volunteer In A Nonprofit. That Is Probably The Great Opportunity For The Social Sector - And Especially In Its Relationship To Business.

No Organization Can Depend On Genius; The Supply Is Always Scarce And Unreliable. It Is The Test Of An Organization To Make Ordinary People Perform Better Than They Seem Capable Of, To Bring Out Whatever Strength There Is In Its Members, And To Use Each Person's Strength To Help All The Other Members Perform.

The Computer Is A Moron.

If "socialism" Is Defined As "ownership Of The Means Of Production"--and This Is Both The Orthodox And The Only Rigorous Definition--then The United States Is The First Truly Socialist Country.

Socialist Countries

The Three Most Charismatic Leaders In This Century Inflicted More Suffering On The Human Race Than Almost Any Trio In History: Hitler, Stalin, And Mao. What Matters Is Not The Leader's Charisma. What Matters Is The Leader's Mission.

As A Manager You're Paid To Be Uncomfortable. If You're Comfortable, It's A Sure Sign You're Doing Things Wrong.

What Can I Contribute That Will Significantly Affect The Performance And The Results Of The Institution I Serve?

The Society Of Organizations Is New-only Seventy Years Ago Employees Were A Small Minority In Every Society.

What People In Business Think They Know About The Customer And Market Is Likely To Be More Wrong Than Right...the Customer Rarely Buys What The Business Thinks It Sells Him.

Unless A Decision Has Degenerated Into Work, It Is Not A Decision; It Is At Best A Good Intention.

Good Intentions

The Correct Assumption Is That What Individuals Have Learned By Age Twenty-one Will Begin To Become Obsolete Five To Ten Years Later And Will Have To Be Replaced-or At Least Refurbished-by New Learning, New Skills, New Knowledge.

The Real Achiever Do One Thing At A Time.

One Thing At A Time

To Make Knowledge Productive, We Will Have To Learn To See Both Forest And Tree. We Will Have To Learn To Connect.

Decisions Exist Only In The Present.

The Single Most Important Thing To Remember About Any Enterprise Is That There Are No Results Inside Its Walls. The Result Of A Business Is A Satisfied Customer.

Making Good Decisions Is A Crucial Skill At Every Level.

Don't Try To Innovate For The Future. Innovate For The Present!

We Spend A Lot Of Time Teaching Leaders What To Do. We Don't Spend Enough Time Teaching Leaders What To Stop. Half The Leaders I Have Met Don't Need To Learn What To Do. They Need To Learn What To Stop

The Purpose Of Information Is Not Knowledge. It Is Being Able To Take The Right Action.

Managers Are The Basic And Scarcest Resource Of Any Business Enterprise.

There's An Enormous Number Of Managers Who Have Retired On The Job.

(waste = Loss): The First Rule Of Business Is To Survive And The Guiding Principle Of Business Economics Is Not The Maximisation Of Profit, It Is The Avoidance Of Loss

Guiding Principles

Change Is The Norm; Unless An Organization Sees That Its Task Is To Lead Change, That Organization Will Not Survive.

Executives Do Many Things In Addition To Making Decisions. But Only Executives Make Decisions. The First Managerial Skill Is, Therefore, The Making Of Effective Decisions.

Nothing Else, Perhaps, Distinguishes Effective Executives As Much As Their Tender Loving Care Of Time.

Time Management

We No Longer Even Understand The Question Whether Change Is By Itself Good Or Bad, ...we Start Out With The Axiom That It Is The Norm. We Do Not See Change As Altering The Order... We See Change As Being Order Itself - Indeed The Only Order We Can Comprehend Today Is A Dynamic, A Moving, A Changing One.

Profit Is Not The Explanation, Cause, Or Rationale Of Business Behavior And Business Decisions, But The Test Of Their Validity.

Organizationally What Is Required - And Evolving - Is Systems Management.

People In Any Organization, Including Bureaucrats And Politicians, Are Always Attached To The Obsolete; The Obsolescent; The Things That Should Have Worked But Didn't; The Things That Once Were Productive And No Longer Are.

Fascism Is The Result Of The Collapse Of Europe's Spiritual And Social Order... Catastrophes Broke Through The Everyday Routine Which Makes Men Accept Existing Forms, Institutions And Tenets As Unalterable Natural Laws. They Suddenly Exposed The Vacuum Behind The Facade Of Society.

If You Want To Know What The Future Is, Be Part Of Its Development.

Leadership Is Defined By Results Not Attributes.

Whenever You See A Successful Business, Someone Once Made A Courageous Decision.

Technology Is Not About Tools, It Deals With How Man Works.

Managing Innovation Will Increasingly Become A Challenge To Management, And Especially To Top Management, And A Touchstone Of Its Competence.

Balance Sheets Are Meaningless. Our Accounting Systems Are Still Based On The Assumption That 80% Of Costs Are Manual Labor.

Of Those Things That Would Make A Difference, Which Are Right For Me?

Making A Difference

Most People Think They Know What They Are Good At. They Are Usually Wrong... And Yet, A Person Can Perform Only From Strength.

Management Means, In The Last Analysis, The Substitution Of Thought For Brawn And Muscle, Of Knowledge For Folkways And Superstition, And Of Cooperation For Force. It Means The Substitution Of Responsibility For Obedience To Rank, And Of Authority Of Performance For The Authority Of Rank.

If War Production Should Remain The Only Way Out Of A Long-term Depression, Industrial Society Would Be Reduced To The Choice Between Suicide Through Total War Or Suicide Through Total Depression.

Unless Strategy Evaluation Is Performed Seriously And Systematically, And Unless Strategists Are Willing To Act On The Results, Energy Will Be Used Up Defending Yesterday.

We Have Tried To Substitute Mass For Purpose. We Have Tried To Regain Military Potency Of Defense By Making It Gigantic, Unwieldy, Complex. It Never Works.

A Superior Who Works On His Own Development Sets An Almost Irresistible Example.

I No Longer Think That Learning How To Manage People, Especially Subordinates, Is The Most Important For Executives To Learn. I Am Teaching Above All Else, How To Manage Oneself.

Production Is Not The Application Of Tools To Materials, But Logic To Work.

The Task Of Leadership Is To Create An Alignment Of Strengths So Strong That It Makes The System's Weaknesses Irrelevant.

The Rule Should Be To Minimize The Need For People To Get Together To Accomplish Anything.

Every Success Creates New Opportunities. So Does Every Failure.

New Opportunity

"the Area In Which The Executive First Encounters The Challenge Of Strength Is In Staffing. The Effective Executive Fills Positions And Promotes On The Basis Of What A Man Can Do. He Does Not Make Staffing Decisions To Minimize Weaknesses But To Maximize Strength."

Without Institution There Is No Management. But Without Management There Is No Institution.

The Only Definition Of A Leader Is Someone Who Has Followers.

Leadership Is More Doing Than Dash.

There Is A Great Need For A New Approach, New Methods And New Tools In Teaching, Man's Oldest And Most Reactionary Craft. There Is Great Need For A Rapid Increase In The Productivity Of Learning. There Is, Above All, Great Need For Methods That Will Make The Teacher Effective And Multiply His Or Her Efforts And Competence. Teaching Is, In Fact, The Only Traditional Craft In Which We Have Not Yet Fashioned The Tools That Make An Ordinary Person Capable Of Superior Performance. In This Respect, Teaching Is Far Behind Medicine, Where The Tools First Became Available A Century Or More Ago.

A Manager Is Responsible For The Application And Performance Of Knowledge.

The More Successful The Unit, The More Difficult It Is To Make Sure That The Large Company Doesn't Put The Same Expectations On It As It Does For The Rest Of The Company. When It's A New Venture, Whether It's Outside Or Inside The Business, It's A Child. And You Don't Put A 40-pound Pack On A 6-year-old's Back When You Take Her Hiking.

An Effective Executive Builds On Strengths - Their Own Strengths, The Strengths Of Superiors, Colleagues, Subordinates, And On The Strength Of The Situation.

Human Beings Need Community. If There Are No Communities Available For Constructive Ends, There Will Be Destructive, Murderous Communities... Only The Social Sector, That Is, The Nongovernmental, Nonprofit Organization, Can Create What We Now Need, Communities For Citizens... What The Dawning 21st Century Needs Above All Is Equally Explosive Growth Of The Nonprofit Social Sector In Building Communities In The Newly Dominant Social Environment, The City.

Some Of The Best Business And Nonprofit Ceos I've Worked With Over A Sixty-five-year Consulting Career Were Not Stereotypical Leaders. They Were All Over The Map In Terms Of Their Personalities, Attitudes, Values, Strengths, And Weaknesses.

All Good Strategy Eventually Degenerates Into Work.

The Individual Needs The Return To Spiritual Values, For He Can Survive In The Present Human Situation Only By Reaffirming That Man Is Not Just A Biological And Psychological Being But Also A Spiritual Being, That Is Creature, And Existing For The Purposes Of His Creator And Subject To Him.

My Greatest Strength As A Consultant Is To Be Ignorant And Ask A Few Questions.

Asking Questions

Ignorant Masses

Asking Too Many Questions

Decisions Of The Kind The Executive Has To Make Are Not Made Well By Acclamation. They Are Made Well Only If Based On The Clash Of Conflicting Views...the First Rule In Decision-making Is That One Does Not Make A Decision Unless There Is Disagreement.

Do The Right Things Instead Of Trying To Do Everything Right.

To Be Effective, Every Knowledge Worker, And Especially Every Executive, Therefore Needs To Dispose Of Time In Fairly Large Chunks. To Have Small Dribs And Drabs Of Time At His Disposal Will Not Be Sufficient Even If The Total Is An Impressive Number Of Hours.

Knowledge Workers

It Has Been Said, And Only Half In Jest, That A Tough, Professionally Led Union Is A Great Force For Improving Management Performance. It Forces The Manager To Think About What He Is Doing And To Be Able To Explain His Actions And Behavior.

Ideas Are Somewhat Like Babies - They Are Born Small, Immature, And Shapeless. They Are Promise Rather Than Fulfillment. In The Innovative Company Executives Do Not Say, "this Is A Damn-fool Idea." Instead They Ask, "what Would Be Needed To Make This Embryonic, Half-baked, Foolish Idea Into Something That Makes Sense, That Is An Opportunity For Us?"

A Success That Has Outlived Its Usefulness May, In The End, Be More Damaging Than Failure.

Use Feedback Analysis To Identify Your Strengths. Then Go To Work On Improving Your Strengths. Identify And Eliminate Bad Habits That Hinder The Full Development Of Your Strengths. Figure Out What You Should Do And Do It. Finally, Decide What You Should Not Do.

Today Knowledge Has Power. It Controls Access To Opportunity And Advancement.

Inside An Organization There Are Only Cost Centers. The Only Profit Center Is A Customer Whose Check Has Not Bounced.

The Aim Of Marketing Is To Make Selling Superfluous.

The 1st Question The Effective Decision-maker Asks Is: 'is This A Generic Situation Or An Exception?'

Most Leaders Don't Need To Learn What To Do. They Need To Learn What To Stop.

The Effective Executive Knows That It Is Easier To Raise The Performance Of One Leader Than It Is To Raise The Performance Of A Whole Mass. She Therefore Makes Sure She Puts Into The Leadership Position, Into The Standard-setting, The Performance-making Position The Person Who Has The Strength To Do The Outstanding Pacesetting Job. This Always Requires Focus On The One Strength Of A Person And Dismissal Of Weaknesses As Irrelevant Unless They Hamper The Full Deployment Of The Available Strength.

Do Not Believe That It Is Very Much Of An Advance To Do The Unnecessary Three Times As Fast.

The Honest Work Of Yesterday Has Lost Its Social Status, Its Social Esteem.

The Monomaniac Is Unlikely To Succeed. Most Leave Only Their Bleached Bones In The Roadless Desert. But The Rest Of Us, With Our Multiple Interests Instead Of A Single Mission, Are Certain To Fail And Have No Impact At All.

Success? Odd As It Seems, You Will Achieve The Greates Results In Business And Career If You Drop The Word 'achievement' From Your Vocabulary And Replace It With 'contribution'.

Business Is Society's Change Agent.

If A Manager Spends More Than 10 Percent Of His Time On "human Relations" The Group Is Probably Too Large.

The Enterprise Can Fulfill Its Human And Social Functions Only If It Prospers As A Business.

Nobody Can Predict The Future; The Idea Is To Have A Firm Grasp Of The Present.

Never Underrate The Boss! The Boss May Look Illiterate. He May Look Stupid. But There Is No Risk At All In Overrating A Boss. If You Underrate Him He Will Bitterly Resent It Or Impute To You The Deficiency In Brains And Knowledge You Imputed To Him.

Management And Entrepreneurship Are Only Two Different Dimensions Of The Same Task. An Entrepreneur Who Does Not Learn How To Manage Will Not Last Long. A Management That Does Not Learn To Innovate Will Not Last Long.

There Are Just Two Questions To Ask To Attain Success In Business: First, "what Business Am I In?" Second, "how's Business?"

Business Success

The Person Who Will Make The Greatest Contribution To A Company Is The Mature Person-and You Cannot Have Maturity If You Have No Life Or Interest Outside The Job.

There Are Usually Half A Dozen Right Answers To What Needs To Be Done. Yet, Unless A Person Makes The Risky And Controversial Choice Of Only One, He Will Achieve Nothing.

We Live In An Age Of Unprecedented Opportunity: If You’ve Got Ambition And Smarts, You Can Rise To The Top Of Your Chosen Profession, Regardless Of Where You Started Out.

Plans Are Only Good Intentions Unless They Immediately Degenerate Into Hard Work.

Successful Leaders Don't Start Out Asking, 'what Do I Want To Do?' They Ask, 'what Needs To Be Done?' Then They Ask, 'of Those Things That Would Make A Difference, Which Are Right For Me?'

To Make The Future Demands Courage. It Demands Work. But It Also Demands Faith.

Knowledge Has To Be Improved, Challenged, And Increased Constantly, Or It Vanishes.

Any Time I Have Seen Someone Accomplishing Something Magnificent, They Have Been A Monomaniac With A Mission. A Single-minded Individual With A Passion.

Don't Solve Problems. Pursue Opportunities.

The Pertinent Question Is Not How To Do Things Right - But How To Find The Right Things To Do, And To Concentrate Resources And Efforts On Them.

Pertinent Questions

The Purpose Of An Organization Is To Enable Ordinary Humans Beings To Do Extraordinary Things.

Shoes Are Real. Money Is An End Result.

It's Amazing How Many Things Busy People Are Doing That Never Will Be Missed.

Checking The Results Of A Decision Against Its Expectations Shows Executives What Their Strengths Are, Where They Need To Improve, And Where They Lack Knowledge Or Information.

Information Knowledge

Capitalism As A Social Order And As A Creed Is The Expression Of The Belief In Economic Progress As Leading Toward The Freedom And Equality Of The Individual In A Free And Open Society. Marxism Expects This Society To Result From The Abolition Of Private Profit. Capitalism Expects The Free And Equal Society To Result From The Enthronement Of Private Profit As Supreme Ruler Of Social Behavior.

Management Is Not Being Brilliant. Management Is Being Conscientious.

The Most Important Work Of The Executive Is To Identify The Changes That Have Already Happened. The Important Thing . . . Is To Exploit The Changes That Have Already Occurred And To Use Them As Opportunities.

The Most Probable Assumption Is That No Currently Working 'business Theory' Will Be Valid 10 Years Hence.

The Fault Is In The System And Not In The Men.

All Great Change In Business Has Come From Outside The Firm, Not From Inside.

The Best Plan Is Only A Plan... Unless It Degerates Into Work.

I Have No Interest In Celebrities. If All The Superrich Disappeared, The World Economy Would Not Even Notice. The Superrich Are Irrelevant To The Economy.

There Is The Risk You Cannot Afford To Take, And There Is The Risk You Cannot Afford Not To Take.

The Greatest Change In Corporate Culture - And The Way Business Is Being Conducted - May Be The Accelerated Growth Of Relationships Based... On Partnership.

Nobody In The World Is As Good At Making Decisions As The Japanese.

Making Decisions

For The First Four Years, No New Enterprise Produces Profits. Even Mozart Didn't Start Writing Music Until He Was Four.

Company Cultures Are Like Country Cultures. Never Try To Change One. Try, Instead, To Work With What You've Got.

Financial "synergy" Is A Will-o'-the-wisp.it Looks Good On Paper, But It Fails To Work Out In Practice.

In Business School Classrooms They Construct Wonderful Models Of A Non- World.

The Largest 100 Corporations Hold 25 Percent Of The Worldwide Productive Assets, Which In Turn Control 75 Percent Of International Trade And 98 Percent Of All Foreign Direct Investment.the Multinational Corporation...puts The Economic Decision Beyond The Effective Reach Of The Political Process And Its Decision-makers, National Governments.

The Basic Definition Of The Business And Of Its Purpose And Mission Have To Be Translated Into Objectives.

Organizations Are No Longer Built On Force, But On Trust.

Planning Is Actually Incompatible With An Entrepreneurial Society And Economy. Planning Is The Kiss Of Death Of Entrepreneurship.

Entrepreneurship

Every Three Or Four Years I Pick A New Subject. It May Be Japanese Art; It May Be Economics. Three Years Of Study Are By No Means Enough To Master A Subject But They Are Enough To Understand It. So For More Than 60 Years I Have Kept Studying One Subject At A Time.

Profitability Is The Sovereign Criterion Of The Enterprise.

Capital Formation Is Shifting From The Entrepreneur Who Invests In The Future To The Pension Trustee Who Invests In The Past.

No Matter How Deeply Wedded One May Be To The Free Enterprise System (and I, For One, Am Wedded For Life), One Has To Accept The Need For Positive Government; One Has To Consider Government Action On A Sizable Scale As Desirable Rather Than As A Necessary Evil.

As To The Idea That Advertising Motivates People, Remember The Edsel.

What Managers Decide To Stop Doing Is Often More Important Than What They Decide To Do.

We Do Not Need More Laws . No Country Suffers From A Shortage Of Laws. We Need A New Model .

Entrepreneurship Rests On A Theory Of Economy And Society. The Theory Sees Change As Normal And Indeed As Healthy. And It Sees The Major Task In Society – And Especially In The Economy – As Doing Something Different Rather Than Doing Better What Is Already Being Done. This Is Basically What Say, Two Hundred Years Ago, Meant When He Coined The Term Entrepreneur.

Your First And Foremost Job As A Leader Is To Take Charge Of Your Own Energy And Then Help To Orchestrate The Energy Of Those Around You.

Capitalism Is Being Attacked Not Because It Is Inefficient Or Misgoverned But Because It Is Cynical. And Indeed A Society Based On The Assertion That Private Vices Become Public Benefits Cannot Endure, No Matter How Impeccable Its Logic, No Matter How Great Its Benefits.

Not To Innovate Is The Single Largest Reason For The Decline Of Existing Organizations. Not To Know How To Manage Is The Single Largest Reason For The Failure Of New Ventures.

More Business Decisions Occur Over Lunch And Dinner Than At Any Other Time, Yet No Mba Courses Are Given On The Subject.

There Are Two Types Of People In The Business Community: Those Who Produce Results And Those Who Give You Reasons Why They Didn't.

The Single Most Important Thing To Remember About Any Enterprise Is That Results Exist Only On The Outside.the Result Of A Business Is A Satisfied Customer. The Result Of A Hospital Is A Satisfied Patient. The Result Of A School Is A Student Who Has Learned Something And Puts It To Work Ten Years Later. Inside An Enterprise There Are Only Costs.

Replace Your Pursuit Of Success With The Pursuit Of Contribution.

I'm Better About Things Than About People. I'm More Interested In People, But I'm Better At Ideas.

Quality Of Character Doesn't Make A Leader, But The Lack Of It Flaws The Entire Process.

Entrepreneurship Is “risky” Mainly Because So Few Of The So-called Entrepreneurs Know What They Are Doing.

Entrepreneurship

Business Purpose And Business Mission Are So Rarely Given Adequate Thought Is Perhaps The Most Important Cause Of Business Frustration And Failure.

Almost Everybody Today Believes That Nothing In Economic History Has Ever Moved As Fast As, Or Had A Greater Impact Than, The Information Revolution. But The Industrial Revolution Moved At Least As Fast In The Same Time Span, And Had Probably An Equal Impact If Not A Greater One.

It Does Not Follow From The Separation Of Planning And Doing In The Analysis Of Work That The Planner And The Doer Should Be Two Different People. It Does Not Follow That The Industrial World Should Be Divided Into Two Classes Of People: A Few Who Decide What Is To Be Done, Design The Job, Set The Pace, Rhythm And Motions, And Order Others About; And The Many Who Do What And As They Are Told.

Meetings Are A Symptom Of Bad Organization. The Fewer Meetings The Better.

The Entrepreneur Always Searches For Change, Responds To It, And Exploits It As An Opportunity.

Customers Pay Only For What Is Of Use To Them And Gives Them Value. Nothing Else Constitutes Quality.

Leaders Grow; They Are Not Made.

An Executive Should Be A Realist; And No One Is Less Realistic Than The Cynic.

Yet There Is Nothing More Dangerous Than To Be Premature In Exploiting A Change In Perception.

Above All, Innovation Is Not Invention. It Is A Term Of Economics Rather Than Of Technology.

If You Want It, Measure It. If You Can't Measure It, Forget It.

Charisma Becomes The Undoing Of Leaders. It Makes Them Inflexible, Convinced Of Their Own Infallibility, Unable To Change

The Best Way To Predict The Future Is To Create It.

Every Few Hundred Years In Western History There Occurs A Sharp Transformation. Within A Few Short Decades, Society - Its Worldview, Its Basic Values, Its Social And Political Structures, Its Art, Its Key Institutions - Rearranges Itself. We Are Currently Living Through Such A Time.

Entrepreneurship Is Neither A Science Nor An Art. It Is A Practice.

You Can't Manage Knowledge.knowledge Is Between Two Ears And Only Between Two Ears.

The Concept Of Profit Maximization Is, In Fact, Meaningless.

No Society Can Function As A Society, Unless It Gives The Individual Member Social Status And Function, And Unless The Decisive Social Power Is Legitimate.

What's Measured Improves

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