book.chapter Visionary firms defined

Creating a successful, enduring company is a remarkable business feat. Visionary companies, known for their long-term prosperity and industry excellence, don't necessarily start with a groundbreaking product or a charismatic founder. Instead, they often begin with a broad idea and evolve over time. These companies view products as a means to further the organization's legacy, not the end goal. The builders of visionary companies are characterized by their persistence, adapting ideas as needed but never giving up on the company's future. Their success isn't tied to a single product; they continuously adapt and innovate across multiple product cycles and leadership changes. This adaptability and organizational strength enable them to excel over generations, regardless of the founder's personality. Many of today's top companies had modest beginnings and faced early struggles. For instance, 3M started with a failed mine before moving to sandpaper and then diversifying. American Express transitioned from a freight firm to traveler's checks. Boeing, initially a wooden airplane manufacturer, survived early failures by making furniture. General Electric, Hewlett Packard, Marriott, Motorola, Procter & Gamble, Sony, Walt Disney, and Walmart all began with different initial focuses before finding their paths to success.