In “Only the Paranoid Survive,” Andrew Grove, the former CEO of Intel, discusses “strategic inflection points”—times when an industry’s fundamentals change significantly. Many businesses do not survive them.
Peter Drucker was among the most insightful managerial consultants and scholars of the 20th century. While most management books focus on managing others, Drucker’s “The Effective Executive” focuses on managing oneself.
Agency describes the relationship between a principal and an agent who acts on the principal’s behalf. Common principal-agent relationships include employer-employee, client-attorney, and property owner-real estate agent.
Proactively inspecting for dangerous conditions, repairing them, and implementing record keeping procedures can reduce legal fees and damage awards, slow increases of insurance premiums, and improve profitability.