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

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