Monday, November 03, 2008

Drucker: Defining Business

Peter Drucker, the esteemed business strategist and visionary, developed simple definitions of some of the most popular words in the business vernacular, e.g. success, management, people, plans, leadership. I discovered these in Drucker’s books. I hope you find them as thought provoking as I did:

  • Business – the purpose of a business is to create customers

  • Education – leaning how to learn, and continuing to learn all one’s life

  • Efficiency – doing better what is already being done

  • Hiring – finding out what someone is really good at, and then placing him or her in a position where those strengths can produce results

  • Innovation – the act that endows resources with a new capacity to create wealth

  • Leadership – doing the right things

  • Management – doing things right

  • Management Focus – the great danger in an organization is that managers disappear inside it and spend all their time and energy on internal problems

  • People – the most important resource in business

  • Plans – good intentions that immediately degenerate into hard work

  • Success – wherever there is a successful business, someone once made a courageous decision

  • Time – a unique, irreplaceable and necessary business resource that most people take for granted


Technorati Tags: Peter Drucker, business vernacular, education, efficiency, hiring, innovation, leadership, management, management focus, people, plan, success, time, business, communications, public relations

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