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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
Rule
Waste
Avoidance
Loss
Guiding
Principles
Survive
Business
Economics
Firsts
Principle
First
Profit
Management

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The concept of profit maximization is, in fact, meaningless.
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We have only one alternative: either to build a functioning industrial society or see freedom itself disappear in anarchy and tyranny.
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We do not need more laws . No country suffers from a shortage of laws. We need a new model .
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The question that faces the strategic decision maker is not what his organisation should do tomorrow. It is, what do we have to do today to be ready for an uncertain tomorrow?
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Successful people know they need to get many things done-and done effectively. Therefore, they concentrate their time and energy on doing one thing at a time-and on doing first things firs.
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The most effective way to manage change is to create it.
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Ideas are like frog eggs: you've got to lay a thousand to hatch one.
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True marketing starts...with the customer, his demographics, his realities, his needs, his values. It does not ask, What do we want to sell? It asks, What does the customer want to buy?
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If you have too many problems, maybe you should get out of business. There is no law that says a company must last forever.
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Use feedback analysis to identify your strengths. Then go to work on improving your strengths. Identify and eliminate bad habits that hinder the full development of your strengths. Figure out what you should do and do it. Finally, decide what you should not do.
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Do the right things instead of trying to do everything right.
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We always remember best the irrelevant.
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Growth that adds volume without improving productivity is fat. Growth that diminishes productivity is cancer.
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As a rule we perceive what we expect to perceive... The unexpected is usually not received at all.
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Follow effective action with quiet reflection. From the quiet reflection will come even more effective action.
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Capitalism is being attacked not because it is inefficient or misgoverned but because it is cynical. And indeed a society based on the assertion that private vices become public benefits cannot endure, no matter how impeccable its logic, no matter how great its benefits.
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Decisions of the kind the executive has to make are not made well by acclamation. They are made well only if based on the clash of conflicting views...The first rule in decision-making is that one does not make a decision unless there is disagreement.
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Elephants have a hard time adapting. Cockroaches outlive everything.
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