Are you an entrepreneur who dreams of building a business that lasts for a century? Well, it’s not impossible! With the right mindset, approach, and a bit of luck, you can build a business that will stand the test of time.
Building a successful business that can last for a century is an accomplishment that many entrepreneurs dream of achieving. However, with the ever-changing business landscape and increasing competition, it can be a daunting task to keep a business alive for even a decade, let alone a century.
Martin Reeves has a famous Ted Talk video (titled, How To Create a Business That Lasts 100 Years) and brilliantly examines six ways a long-lasting business is like parts of your immune system and other living organisms. Here’s a link to the video. It’s worth a watch.
But we will stay away from the metaphor route and focus more on fundamentals and details.
Many entrepreneurs dream of building a business that can last for generations. However, with the high failure rate of new companies, it can be challenging to create a lasting enterprise. Building a business that can withstand time requires careful planning, dedication, and a willingness to adapt to changing times.
Whether you’re a startup founder or a seasoned entrepreneur looking to take your business to the next level, these tips will help you build a strong foundation for long-term success.
This article will provide tips on building a business that can thrive for a hundred years.
Define Your Purpose
Defining your purpose is one of the critical steps in building a business that lasts 100 years. You need to understand what you want to achieve and why clearly. Your purpose should go beyond just making a profit. It should inspire and motivate you and your team to keep going, even during tough times.
How To Define Your Purpose
To define your purpose, start by asking yourself some questions. What problem are you solving? What sets your business apart from the competition? What impact do you want to make on the world? Once you clearly understand your purpose, make sure everyone in your company understands it as well. Your purpose should be a guiding light for all your business decisions and actions.
A perfect example of a company with a clear purpose is TOMS. Their aim is to improve lives through business. They donate a pair to a needy child for every pair of shoes they sell. This has not only helped millions of children but has also made TOMS a successful and well-respected brand.
Build a Strong Company Culture
Creating a strong company culture is essential for building a business that lasts 100 years. Your company culture should reflect your purpose and values and be a positive force that attracts and retains top talent. A strong company culture can also lead to increased productivity, higher employee morale, and improved customer satisfaction.
A great example of a company with a strong company culture is Google. Their company culture is built on a foundation of innovation, creativity, and collaboration. They offer their employees perks like free meals, massages, and on-site healthcare. This has not only made Google a great place to work but has also contributed to its success as a business.
Hire the Right People
You need to hire the right people to build a strong company culture. Look for individuals who share your values and beliefs and are passionate about your purpose. In addition to hiring for cultural fit, ensure you’re hiring for skills and experience. A well-rounded team can help your corporate structure navigate challenges and achieve long-term success.
One company that has mastered the art of hiring the right people is Zappos. They have a rigorous hiring process focusing on finding people who fit their culture and values. This has helped them build and manage a strong company culture that has contributed to their success as a business.
Adapt to Changing Times
The business landscape is constantly changing, and to build a business that lasts 100 years, you need to adapt to those changes. This means staying current with the latest technology, industry trends, and customer preferences.
A great example of a company that has adapted to changing times is Netflix. They started as a DVD rental service but quickly adapted to the shift towards online streaming. This has allowed them to stay relevant and thrive in a rapidly changing industry.
Innovation is vital to staying ahead of the competition and adapting to changing times. Encourage your team to think outside the box and develop new and creative ideas. Invest in research and development to stay at the forefront of your industry, and don’t be afraid to take calculated risks to stay ahead of the curve.
One company that has embraced innovation is Tesla. Tesla and its CEO Elon Musk are now the faces of change. They have disrupted the automotive industry with their electric cars and have revolutionized the way we think about transportation. They are also quite resilient and want to build a lasting business. This has not only made them successful as a business but has also helped them positively impact the environment.
Building a business that lasts 100 years requires careful planning, dedication, and a willingness to adapt to changing times by defining your purpose, building a solid company culture, hiring the right people, adapting to changing times, and embracing innovation. Make your business last. Make your offices a better place. Make your company or firm a disruptive force that lasts forever.
By following these principles (and with a lot of hard work and a little luck), you can build a business that lasts for 100 years and cement your legacy as a bad-ass businessperson.