Structure and Attributes : Some companies fail even though their goods and services are of good quality. A strong business model attracts customers as its popularity grows. For example, online gaming is popular until the size of the customer base becomes too large, causing problems. Conversely, a fitness club might become an issue as it expands beyond an appropriate level, resulting in a sudden increase in customers. High quality alone does not guarantee success. The main goal of a business is to increase profits through sales, and good quality and service are essential for this. Yet, some companies and brands lack these basics. Some CEOs complain about a lack of profit despite having these essentials. In any business, structure and attributes are most important. No matter how much you work, if the structure is wrong, your business can still fail, regardless of how many customers you have. Many entrepreneurs do not realize the risks of ignoring this core truth. - Joseph’s “just m...
DuPont, a global chemical company, has one core value: Safety. The company is well known for adhering to its core values which stem from its historical background. DuPont began as a gunpowder manufacturer during the American Civil War. In 1884, DuPont's CEO, Lammot du Pont, was killed in an explosion. This accident stimulated the catalyst for DuPont's realization that safety should be a core value of the company. Here's a true story as an example. Two DuPont employees were on an overseas business trip and needed to take a taxi to a meeting, but the taxi only had seat belts on the passenger side. They would be late for the meeting, but DuPont policy dictated that only one person be put in the cab while the other took a different cab. Core values represent a company's identity and mission, and complying with them is a crucial challenge for any organization. - Joseph’s “just my thoughts”