In the June 2002 issue of Fortune Small Business, author Jim Collins maintained that the most consistent factor that allowed a business to succeed was the pursuit of a core purpose. Companies that know what they stand for and why they exist successfully adapt to changes in the marketplace.
“It’s a set of values that are deeply held. It’s not what we should value—it’s what we do value, down to our toes.”
Any business that exists for the sole purpose of making money is not enough. In his opinion, there is a critical question that needs to be answered: “What would be lost if this companies fails to exist.” If the answer refers to a lack of money or we’d be out of a job, then the company does not have a guiding principle.