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:
- Strong leadership and vision: Successful companies have leaders who have a clear vision and a long-term strategy for the company’s growth and sustainability. They are able to adapt to changes in the industry and make tough decisions when necessary.
- Brand recognition and reputation: Established companies often have a strong brand identity and a reputation that has been built up over many years. Customers trust these brands and are more likely to continue doing business with them over newer or less well-known companies.
- Focus on quality and innovation: Long-lasting companies have a commitment to producing high-quality products or services and continuously improving them through innovation. They are able to stay competitive by staying ahead of trends and developing new technologies or products.
- Strong corporate culture: Successful companies have a strong sense of corporate culture that is embedded in their values, beliefs, and practices. This culture helps to attract and retain talented employees, and also fosters a sense of loyalty among customers.
- Financial stability: Older companies that have been in business for many years often have a strong financial foundation. They have weathered economic downturns and are able to invest in growth and development.
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:
- General Electric (GE) – Founded in 1892
- DuPont – Founded in 1802
- 3M – Founded in 1902
- Procter & Gamble (P&G) – Founded in 1837
- Colgate-Palmolive – Founded in 1806
- Boeing – Founded in 1916
- Ford Motor – Founded in 1903
- International Business Machines (IBM) – Founded in 1911
- Lockheed Martin – Founded in 1912
- Deere – Founded in 1837
- Honeywell – Founded in 1906
- Dow DuPont – Founded in 1802 (Dow Chemical) and 1802 (DuPont)
- United Parcel Service (UPS) – Founded in 1907
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.
