5 elements of a great company
TRANSCRIPT
Alar KolkPresident, European Innovation Academy
Global Fortune 100 visions & missions
What Makes a Great Business?
ELEMENTSGREAT COMPANY
Ambition
# 1
The leadership team of every good company has a great ambition for the company – usually one that addresses an unmet customer need. The ambition is not one of
personal greed; it’s about building a company that delivers on its promise and does it with a unique quality.
Customer
# 2
Every good company begins by meeting a customer need. That need is often deeply understood by the
company’s founder because they, themselves, experienced the need – and saw how that need was not
being well met. Sometimes the founder hands off the leadership of the company to someone else who
operationalizes the idea.
Focus
# 3
Good companies stay focused on what they know and can do well. When companies search for new ideas, they
often drift into unknown territory and get in trouble. Good companies just keep growing and expanding into
familiar territory.
Execution
# 4
Satisfying a customer requires relentless attention to execution. Building a company’s capability to deliver
makes the difference between turning a great idea into a business or failure. But execution is not just about
delivering a product. It’s also about service.
Inspiration
# 5
Smart companies engage all of their associates in building the business, from idea creation though delivery.
Everyone in the company feels that they own a piece of the action and are accountable for how the company performs. The
inspiration for a company starts at the top, but good leadership drives that inspiration deep into the company by engaging people
broadly in decision-making. People are more than mechanical parts of the enterprise, and the more they are allowed to see
customers, the better their business sensibilities.