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The study of corporate performance is not a science like physics. We wrongly believe that there are certain rules or a formula for success and if a company follows the rules or the steps of the formula, it will see all its goals being achieved. But in the real world, success is not because of a few controllable factors. There are many variables that determine the success or failure of the organization.
Performance doesn’t obey immutable laws of nature and can’t be predicted with the accuracy of science—despite our desire for certainty and order.
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MORE IDEAS ON THIS
If we pick a number of successful companies and search for what they have in common, we’ll never isolate the reasons for their success, because we have no way of comparing them with less successful companies.
By looking only at companies that perform well, we can never ...
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553 reads
Success cannot be usually attributed to one factor.
Many studies show that a particular factor—strong company culture or customer focus or great leadership—leads to improved performance.
But since many of these factors are highly correlated, the effect of each one is...
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662 reads
Our thinking about business is shaped by a number of delusions - ones that distort our understanding of company performance, that make it difficult to know why one company succeeds and another fails.
These errors of thinking pervade much that we read about business, whethe...
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If your data sources are corrupted by the halo effect, it doesn't matter how much data you have gathered, or how sophisticated your methodology was.
Data quality and quantity are equally important when it comes to research. If one takes a wrong assumption and backs it up wi...
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499 reads
Just because two sets of things are correlated does not mean that one causes the other to happen. Sometimes one might cause the other to happen. But we won't know which of them is the trigger. Maybe, another separate thing might be influencing both of them to happen. It is also possible that ther...
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This is our tendency to make inferences about specific traits on the basis of a general impression.
In the business world, it refers to the tendency to look at a company’s overall performance and make attributions about its culture, leadership, values, and more.
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It may be true that successful companies often pursued a highly focused strategy, but that doesn’t mean highly focused strategies often lead to success.
Some companies have a focused strategy and some change their strategy based on competition, market, and internal factors. Some are success...
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333 reads
Almost all high-performing companies regress over time. The promise of a blueprint for lasting success is attractive but not realistic.
Success is transitory, and many companies that have outperformed in the past, won't do so in the future. A company canno...
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432 reads
Company performance is relative, not absolute. A company can improve and fall further behind its rivals at the same time.
A company’s performance should be measured relative to other similar companies’ performance as it is a competitive environment. Measuri...
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CURATED FROM
IDEAS CURATED BY
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Other curated ideas on this topic:
Physics can use itself to produce new fundamental insights.
upside-down view of physics
First design a new law and then reverse engineer a system that actually displays the phenomena.
A shift in the very scope of science — from studying what is to what could be
Science fiction is a mixture of hard and soft science fiction.
The computer may never be so programmed; but the fact that it could is an essential fact about it, without which it would not qualify as a computer. The counterfactuals that matter to science and physics, so far neglected, are facts about what could or could not be made to happen to physical syst...
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