I’ve always been fascinated by business. Everything from invention, operations, marketing, sales, and more. Businesses represent a community and its people. But what makes a business stay in business for so long?
We already know why so many businesses fail. According to the Small Business Administration (SBA) in the United States, about 20% of small businesses fail in their first year, and about 50% fail in their fifth year. However, it’s important to note that these numbers can vary widely depending on the industry, location, and other factors.
It’s also worth noting that “failure” can be defined in different ways. Some businesses may close because they were not profitable, while others may close because the owner has decided to retire or pursue other opportunities. Some businesses may even be considered successful but are sold or merged with other companies.
Despite the risks, many entrepreneurs continue to start businesses, and with careful planning, hard work, and a bit of luck, many are able to build successful and sustainable enterprises.
There are several factors that older companies have in common that have contributed to their longevity and success over the course of several decades or even more than 100 years. Some of these factors include:
Overall, these factors and others have allowed many companies to endure over time and maintain their success for decades or even more than a century.
Here is a list of some Fortune 500 US companies that are more than 100 years old:
It’s worth noting that some of these companies are not in the Fortune 500 list anymore, or they have been acquired or merged with other companies. It’s also worth noting that some of these companies were founded earlier than 100 years ago but they have undergone many changes and acquisitions over the years before becoming the companies we know today.