As Fortune magazine said, “(Peter) Drucker‘s ideas continue to display a force and resonance that leave him pretty much in a class by himself. It is impossible to read the man without learning a lot.”

Here are some of his thoughts about what it takes to lead a growth company. All competitive advantage is built upon this.

“A business is defined by the want that customers satisfy when they buy a product or service. The satisfaction of the customer is the mission and purpose of every business. The question, ‘What is our business?’ can, therefore, be answered only by looking at the business from the outside, from the point of view of the customer and the market.

What the customer sees, believes, thinks, and wants at any given time, must be accepted by management as an objective fact and must be taken as seriously as the reports of the salesperson, the tests of the engineer, or the figures of the accountant. And management must make a conscious effort to get answers from the customer herself rather than attempt to read her mind.”

Management must ask, ‘Which of the customers’ wants are not adequately satisfied by the products and services offered him today?’ The ability to answer this question accurately usually makes the difference between a growth company and one the depends…upon the rising tide of the economy or the industry. But whoever is content to rise with the tide will fall with it.”

Excerpts from Management: Tasks, Responsibilities, Practices, by Peter F. Drucker, 1973