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Forget about building great companies that endure, they tell me. One technology pundit cornered me at a conference and deemed the whole premise absurd in today's world: Everything is in flux; nothing can sustain. His argument feels particularly sharp today.
Bear Stearns disappeared over a weekend, after more than eight decades of growth to No. Citigroup traces its roots to City Bank of New York, founded the same year Napoleon marched to Moscow, which grew into a visionary global bank under mavericks like Walter Wriston and John Reed.
Today Ford Motor Co. I've been through versions of the creative—destruction argument dozens of times, with smart, well—informed people.
And one of their favorite arguments invokes the Fortune If you examine the list over time, you find tremendous churn—the vast majority of those on the list 50 years ago being nowhere to be found on the current list.
And, yes, the data do lend credence to the argument: Of the companies that appeared on the first list, inonly 71 hold a place on the list today. The list included industrial companies only, whereas today's list also includes service companies.
Nearly 2, companies have appeared on the list since its inception, and most are long gone from it. Just because you make the list once guarantees nothing about your ability to endure.
Some of the most powerful companies on today's list—businesses like Intel, Microsoft, Apple, Dell, and Google—grew from zero to great upon entirely new technologies, bumping venerable old companies off the list. Robert Noyce invented the integrated circuit inthree years after the first Fortune Dozens of companies on this year's list did not even exist in Some of the most celebrated companies in history no longer even appear on thehaving fallen from great to good to gone from the list—companies like Scott Paper, Zenith, Rubbermaid, Chrysler, Teledyne, Warner Lambert, and Bethlehem Steel—most often because they capitulated their independence, but sometimes because they outright died.
But if we look through another lens, we can see a different story, a story of well—founded hope. For one thing, we find clear examples of enduring greatness. Inmore than two decades before the American Civil War, William Procter and James Gamble formed a partnership to make soap and candles.
InRobert Wood Johnson, operating from the fourth floor of an abandoned wallpaper factory, issued a small catalog jam—packed with antiseptic surgical dressings and medical plasters.
In the early 20th century General Electric's Charles Coffin brought forth perhaps the most significant business innovation of the past years: GE created generations of leaders and thereby generated more than a century of sustained success so reliable that a hiccup in quarterly profits can drive down the entire stock market.
In GE sat at No. These companies trained leaders who could evolve and create a portfolio of flywheels —from candles to Pringles, from medical plasters to Tylenol, from light bulbs to jet engines—yet they also held tight to core values that have remained fixed for years or more.
We also find companies that overcame oppressive mediocrity or worse to achieve sustained success. InNucor Corp. With a hodgepodge of unrelated businesses and deteriorating debt ratios, the board made a move of desperation.
It turned the company over to a division manager named Ken Iverson, then just After jettisoning the worst divisions, he began to build He and his team backward—integrated into making raw steel, creating a mini—mill, and discovered that Iverson's culture could be harnessed to produce the lowest—cost steel in America.
Step by step, year by year, Iverson and his team added capacity, eventually breaking onto the Fortune at No. Today, in the brutally competitive steel industry, Nucor retains a solid No.
As a testament to the durability of Nucor's culture, the annual report continues a long—held tradition of naming every Nucor employee, more than 18, individuals. We also find companies that fell from greatness, but then regained their footing, standing defiant against the forces of creative destruction.
Xerox entered the Fortune at No. Some questioned whether Xerox could survive as an independent company. Anne Mulcahy, who did not even make the initial list of CEO candidates, caught the attention of the board with her passion and dedication for the company and its culture.
When Mulcahy became Xerox CEO inafter working her entire career deep inside the company, she refused to destroy the company in order to save it.
Just because a company stumbles—or just because it gets smacked upside the head by an unexpected event or new challenge—does not mean that a company must continue to decline.
Companies do not fall primarily because of what the world does to them or because of how the world changes around them; they fall first and foremost because of what they do to themselves.
They had the exact same business model of rural discount retailing. In fact, Sam Walton copied much of his original model from Ames, and Ames later copied operating ideas from Sam.1 The Impact of Entrepreneurship on Economic Growth M.A.
Carreea,b,c, and A.R. Thurika,b aCentre for Advanced Small Business Economics (CASBEC) at Erasmus University Rotterdam bEIM Business and Policy Research, Zoetermeer cFaculty of Economics and Business Administration, University of Maastricht Chapter prepared for the International Handbook of Entrepreneurship Research.
Fortune This year’s Fortune marks the 64th running of the list. In total, Fortune companies represent two-thirds of the U.S. GDP with $ trillion in revenues, $ trillion in. Not so lonely at the top.
CEOs have doubled their span of control over the past two decades: Increased geographical and market complexities demand new points of view in . Each year, Fortune Magazine publishes a list of the largest American companies by revenue, among U.S.
publicly listed companies and private companies with publicly available financial data. Many of these companies were founded by first- or second-generation immigrants.
Evolution in cognitive testing. Joggle Research is a neurobehavioral measurement tool leading a new generation of touch-based tasks evolved from a long history of scientifically validated cognitive tests, from paper-based to desktop applications.
Joggle Research is easy to implement for both small budget projects as well as large-scale studies. Each year, Fortune Magazine publishes a list of the largest American companies by revenue, among U.S. publicly listed companies and private companies with publicly available financial data.
Many of these companies were founded by first- or second-generation immigrants.