5 elements of a great company

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.