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(Waste = Loss): The first rule of business is to survive and the guiding principle of business economics is not the maximisation of profit, it is the avoidance of loss
Peter Drucker
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Peter Drucker
Age: 95 †
Born: 1909
Born: November 19
Died: 2005
Died: November 11
Author
Businessperson
Columnist
Economist
Journalist
Lawyer
Philosopher
Sculptor
University Teacher
Writer
Vienna
Austria
Peter F. Drucker
Peter Ferdinand Drucker
Management
Rule
Waste
Avoidance
Loss
Guiding
Principles
Survive
Business
Economics
Firsts
Principle
First
Profit
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Promotion should not be more important than accomplishment, or avoiding instability more important than taking the right risk.
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No decision has been made unless carrying it out in specific steps has become someone's work assignment and responsibility.
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The best way to predict the future is to create it.
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The purpose of information is not knowledge. It is being able to take the right action.
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For new technology to replace old, it has to have at least ten times the benefit.
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Efficiency is doing better what is already being done.
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If a manager spends more than 10 percent of his time on human relations the group is probably too large.
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One cannot hire a hand the whole man always comes with it.
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What is the major problem? It is fundamentally the confusion between effectiveness and efficiency that stands between doing the right things and doing things right. There is surely nothing quite so useless as doing with great efficiency what should not be done at all.
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It takes far less energy to move from first-rate performance to excellence than it does to move from incompetence to mediocrity.
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If you're not living life on the edge, you're taking up too much space. The best way to predict the future is to create it.
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Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.
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Management means, in the last analysis, the substitution of thought for brawn and muscle, of knowledge for folkways and superstition, and of cooperation for force. It means the substitution of responsibility for obedience to rank, and of authority of performance for the authority of rank.
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Managers are the basic and scarcest resource of any business enterprise.
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Mission defines strategy, and strategy defines structure.
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Success in the knowledge economy comes to those who know themselves - their strengths, their values, and how they best perform.
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Objectives are not commands they are commitments.
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Vision without execution is delusion. The joy is in the results
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