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Creative Destruction: Why Companies That Are Built to Last Underperform the Market--And How to Successfully Transform Them (Englisch) Gebundene Ausgabe – 3. April 2001

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Striving for excellence or building to last is one thing. Sustaining superior performance over the long haul is another matter entirely, as longtime McKinsey & Company executives Richard Foster and Sarah Kaplan persuasively point out in Creative Destruction. Based on a concept first advanced some 70 years ago by economist Joseph Alois Schumpeter, Foster and Kaplan propose that corporations can outperform capital markets and maintain their leadership positions only if they creatively and continuously reconstruct themselves. In doing so, they can stay ahead of the upstart challengers constantly waiting in the wings. The decidedly radical paradigm that they champion has been urged in one form or another by others since Schumpeter, but this effort is particularly convincing because of the massive research the authors cite to back it up: McKinsey studies of more than 1,000 corporations in 15 industries over 36 years.

Citing the specific reasons behind ups and downs at firms such as Storage Technology, Intel, Johnson & Johnson, and Corning, Foster and Kaplan claim that the process of creative destruction must become an integral part of today's corporations from top to bottom if they truly hope to attain lasting excellence (and beat Wall Street's primary indices for more than a few fleeting years). Firms that have mastered elements of this practice have done so by innovatively shedding detrimental processes and operations while cleverly spotting and appending those that add new value. The authors write that the "key to their success is the balance they have struck between creativity and destruction--between continuity and change." Their book offers impressive insight into the acts of both breaking down and building up. If its analyses of past performance mean anything, it should prove very interesting to savvy managers as well as long-term investors. --Howard Rothman

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Advance acclaim for Creative Destruction:

"A thoroughly researched, masterfully written, and somewhat frightening explanation of how competitive advantage is built and inevitably erodes. Anyone who is interested in staying ahead of the competition should read this book. It's good."
—Clayton Christensen, Associate Professor, Harvard Business School, and author of The Innovator's Dilemma.

"[Offers] invaluable insight into business building and dealing with the challenge of dynamic growth. Foster and Kaplan get right to the heart of one of today's central themes. An instructive and insightful guide for managers to navigate the twenty-first century."
—Jorma Ollila, Chairman and CEO, Nokia Corporation

"It was clear the game had changed, but until this book it was never clear by how much. Creative Destruction will reverberate in corporate boardrooms for some time to come, changing the basic premises of corporate success. There is no doubt that, in order to survive in the future, inspiration can be found in Foster's and Kaplan's book"
—Antony Burgmans, Chairman, Unilever, N.V., the Netherlands

"Creative Destruction is a phenomenal book. It reveals what it takes for an enterprise to thrive in the age of discontinuities yet meet the pressures of continuous performance. Wise, sweeping, balanced, grounded in facts and yet highly imaginative, it is unquestionably the best business book I have ever read Countless numbers of CEOs will wish they could have read it sooner—and so will their shareholders."
—John Seely Brown, President, Xerox Palo Alto Research Center

"Creative Destruction has clarified for me the challenges of sustaining business success. It is the freshest view of the challenges before us that I have seen. It also shows where we have to change to be successful. Compelling."
—Vernon Jordan, Lazard Frres.

"Creative Destruction is a sharp stick in the eye for corporate conventional wisdom and orthodoxy. Foster and Kaplan have captured the essence of market-driven counterinitiative thinking. A wake-up call for CEOs and investment strategists!"
—Joe L. Roby, Chairman, Credit Suisse First Boston Corporation

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Format: Gebundene Ausgabe
McKinsey partner Richard Foster and ex-McKinseyite, Sarah Kaplan, combine with an extensive McKinsey database of 60 variables about 1008 large U.S. companies from 1962 to 1998 in 15 industries to measure how the stocks of the companies did versus the S&P 500 and their industries. Since few such stocks outperformed, the authors conclude that large companies need to be better innovators, being more like new industry entrants funded by venture capital firms. The bulk of the book highlights their proposals for encouraging innovation . . . from the top down. Although the ideas may work, they seem counterintuitive and are not supported by any significant research base. The book takes dead aim against the notion that building a company that lasts for a long time is the proper objective. The notion of "built to last" is indirectly challenged here. The book develops a concept of taking Schumpeter's famous concept of how markets foster creative destruction and transferring that inside your company as an organizing principle.

The authors did not look at companies which were not large and those that were not "pure plays." So there is little in here about outstanding stock market successes among large companies like Tyco International and General Electric. Remarkable performers among foreign forms, like Nokia, are also missing.

The model operators are General Electric (I was surprised too, after they were left out of the quantitative study), Johnson & Johnson, Enron, Corning, L'Oreal (yes, I know they are a French company and are not in the quantitative study, also), Kleiner Perkins, and KKR. I guess there were so few good examples of what the authors wanted to share that they had to stretch to find them.

Almost everyone else is a negative example.
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111 von 115 Kunden fanden die folgende Rezension hilfreich
HASH(0x9805609c) von 5 Sternen Hypotheses About How To Teach Dinosaurs to Dance 7. April 2001
Von Donald Mitchell - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
McKinsey partner Richard Foster and ex-McKinseyite, Sarah Kaplan, combine with an extensive McKinsey database of 60 variables about 1008 large U.S. companies from 1962 to 1998 in 15 industries to measure how the stocks of the companies did versus the S&P 500 and their industries. Since few such stocks outperformed, the authors conclude that large companies need to be better innovators, being more like new industry entrants funded by venture capital firms. The bulk of the book highlights their proposals for encouraging innovation . . . from the top down. Although the ideas may work, they seem counterintuitive and are not supported by any significant research base. The book takes dead aim against the notion that building a company that lasts for a long time is the proper objective. The notion of "built to last" is indirectly challenged here. The book develops a concept of taking Schumpeter's famous concept of how markets foster creative destruction and transferring that inside your company as an organizing principle.
The authors did not look at companies which were not large and those that were not "pure plays." So there is little in here about outstanding stock market successes among large companies like Tyco International and General Electric. Remarkable performers among foreign forms, like Nokia, are also missing.
The model operators are General Electric (I was surprised too, after they were left out of the quantitative study), Johnson & Johnson, Enron, Corning, L'Oreal (yes, I know they are a French company and are not in the quantitative study, also), Kleiner Perkins, and KKR. I guess there were so few good examples of what the authors wanted to share that they had to stretch to find them.
Almost everyone else is a negative example. These include Intel (with DRAMs), Storage Technology, Thermo Electron, and others who experience flops after periods of short-lived success.
The best parts of the book deal with mental models and their strengths and weaknesses. At their worst, these models are wrong and encourage complacency, arrogance, and sluggishness. When the environment changes, they may leave the experienced totally at sea or following incorrect instincts. The prescription is to encourage the creation of new mental models by providing more permissiveness while reducing the amount of control in organizations. You will come away with a good sense of where stalled thinking comes from. On the other hand, the suggested solutions are very institutional as opposed to being focused on changing how each person perceives their own situation.
I have some nits to pick. First, it has been reported for decades that 80 percent of the stocks in the S&P 500 underperform the index each year. No study was needed to report that large companies do not routinely beat the market averages. You can go to many on-line brokers' sites and spot who has outperformed whatever index you want to use over many time periods in a few minutes.
Second, I recently studied dozens of companies who had successfully changed their business models in fundamental ways four or more times in a row and had outperformed the market averages and their competitors. I found only one of these companies mentioned in this book. So the way the sample was drawn excluded many interesting cases.
Third, the authors picked some strange cases to look at. They focus on the failures of Storage Technology, but say almost nothing about EMC, the company that surged ahead of both IBM and Storage Technology in data storage to become the fastest growing stock on the New York Stock Exchange in the 1990s. EMC's market capitalization is one of the largest in the world. They are also very good at making mental model changes. The company's leaders are also very accessible. The omission is puzzling. Could it be that the cases chosen to detail had something to do with who was and was not a McKinsey client at one time or another? I don't know the answer to that question, but my curiosity was piqued.
Fourth, McKinsey has been advising companies on how their decisions affect stock prices by influencing valuation for many years. The book made no reference to that discipline. Is it irrelevant?
Fifth, the database excludes companies who are acquired. So, potentially AOL or Time Warner would have to be viewed as a loser not worthy of further study if they had been part of the group, even though the combination was probably a merger of equals . . . And both company stocks outperformed the market averages for many years in the past.
Sixth, the quantitative and the qualitative parts of this book don't seem to connect very well. It seems to me that you could have written exactly the same book without the quantitative study. So what was the point? I think most people would agree that the rate of change has been speeding up, and will probably do so more in the future.
Seventh, the innovation model they propose may work, but it doesn't match well with what I learned from looking at those who successfully change business models often. Realize that there are other ways to pursue this.
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HASH(0x98058654) von 5 Sternen Doesn't deliver what it promises 3. Juli 2002
Von Will Miner - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
This book takes some interesting insights from economist Joseph Schumpeter (who coined the term "creative destruction") and leadership expert Ron Heifetz and then goes on to make overly broad generalizations from them, supported by an extensive but questionable data analysis. The authors go on at length about the size and scope of the McKinsey corporate database that provides much of the backbone for the book's conclusions, but anyone who studies excellence or best-practices knows that you dont learn much about them by studying large, general samples; in fact, such samples are designed to rule out the exceptions. (And I'll just overlook the fact that Enron is one of the exceptional performers they highlight.)
At bottom, the book fails to deliver on either of the promises in its subtitle. The primary reason seems to be that little of it is drawn from practical experience with exceptional companies. Despite its scope, the McKinsey database doesn't really answer, from a management point of view, why most companies have underperformed. (Although less systematically presented, you can get more wisdom from a practitioner's book like Tom Kelly's "The Art of Innovation.") This is most obvious as the book moves into suggestions for "how to change" these companies: neither the suggested methodology for strategic planning nor the successful case examples provide anything more than some basic, general ideas that have been better covered elsewhere in the organizational development and management literature.
The subtitle also suggests that the book presents a refutation of the arguments for corporate sustainability that Collins and Porras gave in "Built to Last". Interestingly, Foster and Kaplan disdain to address that book directly or even cite it, except in a buried footnote. This is unfortunate because they present data on some of Collins' and Porras' profiled companies that suggest they have performed far more poorly than "Built to Last" would lead you to believe; it would have been helpful to understand who was overstating what. Collins and Porras also stress in detail that built-to-last companies "preserve the core / stimulate progress"; it is not clear that "creative destruction" differs from this in any significant way. In sum, the issue of how to create long-term value will still be a big question when you've finished reading this book.
It is interesting to note, as the authors are current and former McKinsey consultants, that a majority of the underperformers in their database are McKinsey clients. If these companies failed to turn around after investing in McKinsey advice, what is the likelihood that anyone else will do it from ideas they got reading a book?
22 von 27 Kunden fanden die folgende Rezension hilfreich
HASH(0x98056c00) von 5 Sternen An Excellent and Worthwile Read 23. April 2001
Von Naomi Moneypenny - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
Foster and Kaplan take dead aim at the "built-to-last" crowd -- the cluster of authors of a few years ago that trumpeted company longevity as the ultimate goal. Unfortunately for that crowd, "Creative Destruction" presents its case backed up by something the "built-to-last" case lacked -- comprehensive data -- and the data strongly suggest that companies built for longevity consistently under perform the market in shareholder value creation.
What is very clear from the data is that value creation is driven by innovation -- and the innovation tends to come from new entrants. This key point is a validation, through enhanced quantification, of Clayton Christensen's views on the problem of corporate incumbency. What is also clear is that the transition period between new entrant and incumbent is increasingly compressed. Fifty years ago an innovative new business model might have been good for above average returns of a couple of decades -- now perhaps five years is a more realistic outcome. There clearly are examples, though the exception rather than the rule, of companies reinventing themselves in the quest for superior value. Enron is such an example, as is Corning. Schwab is another example. Common characteristics of these re-inventors is that they try a lot of things and they fail a lot -- but they know how to manage the failures and they know how to really ride the winners.
This book should also give pause to any executive who, having recently witnessed the demise of many Internet-based models, is feeling more secure. The reality is that the first wave of barbarians may have been fended off, but they will be back, stronger and smarter than ever . . .
29 von 37 Kunden fanden die folgende Rezension hilfreich
HASH(0x9805a828) von 5 Sternen If you liked Ishtar, you'll like this too! 25. Juli 2001
Von Ein Kunde - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
The authors have taken great pains to fill over three hundred pages with completely inane material. Nothing is good about the book besides the title. You might as well read their Harvard Business Review piece and pocket the money. That article was well written but this book is an unneccesary excursion into places that are totally irrlevant. It does offer pearls of wisdom ..."The basic element of all innovation is creativity" How profound! I am sure McKinsey is silently embarassed about these two. Afterall the McKQuartely is full of excellent articles. The book is also full of very questionable conclusions and of course full of references to another magnum opus by the same author! (I put that book on my shopping list immediately!) For example, they label Snapple an invention that did not generate wealth. They must have very high standards for wealth because the last I heard was that Snapple was sold to Quaker (and later sold by Quaker at a steep loss) for close to $ 2 bn! and I have also heard beverage industry execs. proclaim that Snapple created a whole new marketspace for health and natural drinks. I would call that a transformational innovation, won't you? The Snapple people are probably sitting in the Carribean sipping mixed drinks while these authors are churning out books hoping to get there. In defense of the authors, the only thing good that I can say is that they have a few interesting examples.
The book fails very badly at offering advice to mangers about the processes and structures that need to be in place to handle creative destruction. Look at their checklist of questions they propose a manager ask and answer in defining the "periphery" - the area of the industry where creatively destructive innovations originate: Question 1: Which companies define the periphery of your industry? Question 2: What business strategies are they pursuing? Sounds like Homer Simpson to me. After all if I knew the answers to those questions, wouldn't I be the one initiating creative destruction? If you enjoy reading such mind numbing material, please run to the store and buy your copy. My daughter has already drawn Barney pictures in my copy unfortunately.
5 von 5 Kunden fanden die folgende Rezension hilfreich
HASH(0x9805aaf8) von 5 Sternen Investors Take Heed -- Buy and Hold is Oversold! 14. April 2001
Von Ein Kunde - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
Contrary to popular belief, Foster and Kaplan show that the majority of so-called "buy and hold" companies fail to keep pace with market index funds. Fundamental changes in the marketplace have made it increasingly difficult for companies to remain competitive for sustained periods of time. The authors not only discuss these shifts in the environment, but also uncover the structural factors inhibiting companies from effectively reacting to these market changes. Traditional models of corporate planning and control combined with "cultural lock-in" prevent even the most innovative of companies from taking the difficult decisions required to evolve with the market. Foster and Kaplan convey this message, its implications, and potential remedies through colorful, easy-to-read case studies of successful and unsuccessful companies. So what can an investor do? First, understand the reasons why only a few companies have the ability to continually re-invent themselves for sustained shareholder value. Second, be thankful when an investment outperforms the market for more than a few years time and question your broker's recommendation to "hold on to the winner." Finally, realize that strong past performance is not guarantee of future returns and might even be reason not to invest in a company, since the odds are stacked against continued outperformance. This is a 'must-read' for investors everywhere!
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