Excellence The Myth And Magic Of Modern Management Book Pdf
Excellence is a book that has gained global recognition for its insights into the world of modern management. Written by Tom Peters and Robert H. Waterman Jr., the book examines the practices of successful companies and highlights their common traits. It was first published in 1982 and has since become a must-read for business leaders and managers worldwide. In this article, we will delve into the book's key concepts, its impact on the business world, and why it is still relevant today.
The Myth of Excellence
The first part of the book explores the myth of excellence. Peters and Waterman argue that many companies strive for excellence without fully understanding what it means. They suggest that excellence is not just about achieving high profits or winning awards, but about creating an environment where employees feel valued and customers are satisfied. The authors also criticize the idea that excellence can be achieved through a set of predetermined rules or strategies, arguing that it is a complex and dynamic process that requires constant adaptation.
One of the key ideas in the book is the concept of "sticking to the knitting." Peters and Waterman argue that companies should focus on their core competencies and avoid diversifying into areas where they have little expertise. They use examples of successful companies like IBM and Hewlett-Packard, which focused on their core businesses and built strong corporate cultures. The authors also highlight the importance of empowering employees and creating a culture of innovation, where new ideas are encouraged and rewarded.
The Magic of Excellence
In the second part of the book, Peters and Waterman examine the practices of successful companies and identify eight common characteristics that they call the "magic" of excellence. These include a bias for action, close customer relationships, autonomy and entrepreneurship, productivity through people, hands-on management, stick-to-the-knitting, simple form and lean staff, and simultaneous loose-tight properties.
The authors use examples of companies like 3M, Johnson & Johnson, and Procter & Gamble to illustrate how these characteristics can be applied in practice. They suggest that companies should focus on building strong corporate cultures, where employees are encouraged to take risks and are given the freedom to make decisions. They also emphasize the importance of building strong relationships with customers and suppliers, and of investing in employee training and development.
The Impact of Excellence
Excellence has been highly influential in the business world since its publication. It has inspired countless companies to adopt new management practices and has become a benchmark for measuring success. The book has also sparked debates about the nature of excellence and the role of management in achieving it.
However, the book has also been criticized for its focus on large corporations and its neglect of the role of small businesses in the economy. Some commentators have also suggested that the book's emphasis on continuous improvement can lead to a culture of overwork and burnout among employees.
The Relevance of Excellence Today
Despite these criticisms, Excellence remains a seminal work in the field of management. Its focus on creating a culture of excellence and innovation is still highly relevant today, as companies grapple with changing markets and evolving customer needs. The book's emphasis on empowering employees and building strong corporate cultures is also increasingly important in an era of remote work and virtual teams.
Overall, Excellence is a timeless classic that offers valuable insights into the world of modern management. Its focus on creating a culture of excellence and innovation is still highly relevant today, and its insights into the practices of successful companies continue to inspire and inform business leaders around the world.