The life span of the average American is 79. Japanese can expect to live to age 83, Liberians to only 46. The average age of a large company is much less than any of these . . . In this study, for firms founded in 1976, only 10% survived 10 years later.1
MANY COMPANIES FAIL TO RENEW THEMSELVES, and slowly die. Inevitably, those that continue to thrive are no longer implementing the same business model that launched the original company. Rather, they’ve pursued a continuous process of growth through innovation in all fronts—business model, products, marketing strategy, and business relationships.
Here are seven key principles to guide you in thinking about the mature company’s culture, organization, ...