Drucker's Top 10: Wisdom for the Ages
What wisdom does Peter Drucker have to share from his 95 years on this earth?
November 16, 2005
Born in 1909, Peter F. Drucker died last Friday at the age of 95. From his beginnings in Vienna, Drucker transformed himself into a world-renowned management guru. Our Read My Lips takes a look at Drucker over the years through his thoughts on everything from government to technology.
"Government — not business — is going to be the most important area of entrepreneurship and innovation over the next 25 years."
On the Global Economy:
"When we talk about the global economy, I hope nobody believes it can be managed. It can’t."
On Business Meetings:
"One either meets — or one works."
On the Goal of Business:
"There is only one valid definition of business purpose: to create a customer."
On Large Corporations:
"I couldn’t work in a large organization. They bore me to tears."
"Make your reports come to see you. Use technology, it’s cheaper than traveling. I don’t know anybody who can work while traveling. Do you?"
On Evaluating a Company:
"Warren Buffet once said that if he wants to find out how a company is doing, he doesn’t listen to security analysts. They talk profit, which is irrelevant. He listens to bank credit analysts. They talk cash flow."
On Opting Out:
"Stock options plans reward the executive for doing the wrong thing. Instead of asking, ‘Are we making the right decision?’ he asks, ‘How did we close today?’ It is encouragement to loot the corporation."
On U.S. Society:
"In the United States, we have a very healthy economy — but a very sick society."
"If this century proves one thing, it is the futility of politics."