Quote

(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

Change background

T
T
T

Change font

TAGS & TOPICS

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

More quotes by Peter Drucker

Image
Every success creates new opportunities. So does every failure.
Peter Drucker
Image
No single piece of macroeconomic advice given by the experts to their government has ever had the results predicted.
Peter Drucker
Image
Defending yesterday is far more risky than making tomorrow.
Peter Drucker
Image
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.
Peter Drucker
Image
Every few hundred years in Western history there occurs a sharp transformation. Within a few short decades, society - its worldview, its basic values, its social and political structures, its art, its key institutions - rearranges itself. We are currently living through such a time.
Peter Drucker
Image
Many studies of research scientists have shown that achievement (at least below the genius level of an Einstein, Bohr, or a Planck) depends less on ability in doing research than on the courage to go after opportunity.
Peter Drucker
Image
The fruit of your work grows on other people's trees
Peter Drucker
Image
If socialism is defined as ownership of the means of production--and this is both the orthodox and the only rigorous definition--then the United States is the first truly Socialist country.
Peter Drucker
Image
The days of the 'intuitive' manager are numbered.
Peter Drucker
Image
Every three or four years I pick a new subject. It may be Japanese art it may be economics. Three years of study are by no means enough to master a subject but they are enough to understand it. SO for more than 60 years I have kept studying one subject at a time.
Peter Drucker
Image
The area in which the executive first encounters the challenge of strength is in staffing. The effective executive fills positions and promotes on the basis of what a man can do. He does not make staffing decisions to minimize weaknesses but to maximize strength.
Peter Drucker
Image
An effective executive builds on strengths - their own strengths, the strengths of superiors, colleagues, subordinates, and on the strength of the situation.
Peter Drucker
Image
Everything must degenerate into work if anything is to happen.
Peter Drucker
Image
A business is not defined by its name, statutes, or articles of incorporation. It is defined by the business mission. Only a clear definition of the mission and purpose of the organization makes possible clear and realistic business objectives.
Peter Drucker
Image
The large organization has to learn to innovate, or it won't survive.
Peter Drucker
Image
Don't solve problems. Pursue opportunities.
Peter Drucker
Image
The enterprise can fulfill its human and social functions only if it prospers as a business.
Peter Drucker
Image
What we need is an entrepreneurial society in which innovation and entrepreneurship are normal, steady and continuous.
Peter Drucker
Image
We've spent the last 30 years focusing on the T in IT, and we'll spend the next 30 years focusing on the I.
Peter Drucker
Image
Most discussions of decision making assume that only senior executives make decisions or that only senior executives' decisions matter. This is a dangerous mistake.
Peter Drucker