The theory of the business

Acknowledges Peter Drucker's place as a guru in management theory or business trend, well ahead of his peers. Discusses his part in developing the idea of privatization in the UK, as far back as 1970, in a Conservative Party policy document. Posits that management's biggest challenge is ‘what to do’ — especially in previously successful companies who have faced stagnation. Reasons this is because the organization's assumptions no longer fit reality regarding the organization's foundations. Uses three case studies of top companies (Marks & Spencer, IBM and General Motors) to explain the theory. Suggests hard work, not genius, is the cure, and conscientiousness, not being clever, is what CEOs are paid for.