We try to refrain from simply reposting articles but this is a great example of how basic business principles can apply pretty much anywhere.
The Wall Street Journal recently ran a short article highlighting keys to the remarkable success and longevity of the World’s Greatest Rock ‘N Roll Band.
Ultimately, following these guidelines (with some caveats) are a pretty good prescription for success.
- Choose the right name. We’ve commented before that a company shouldn’t try too hard on finding the perfect name. If the product is excellent, the name will seem genius in retrospect (witness Death Cab for Cutie and the Arctic Monkeys – – or the Beatles for that matter). So, really, there are 4 tips here, not 5.
- Find a unique position in the market. The Stones realized that they could be the bad boys relative to the Beatles’ wholesomeness. Everyone loves a bad boy.
- Creatively beg, borrow or steal. The Stones’s early hit “The Last Time” was gently lifted from the Staple Singers’s “This May Be The Last Time” – only with a more catchy guitar riff and decidedly different lyrics. They made that song their own, unlike Robin Thicke, who more blatantly ripped off Marvin Gaye. Be inspired, but don’t plagiarize.
- Shed barriers to success before it’s too late. The Stones’s arguably most talented member, Brian Jones, became unreliable and disruptive. The group decided they needed to kick him out if they were to succeed. They did, and a month later he was found in the bottom of his pool, another member of RnR’s infamous 27 Club.
5. Continually reinvent. Markets change, competition changes – – to survive long-term you must be able to anticipate and change. Madonna and David Bowie are great examples of morphing to meet the need. The Stones’s 1978 album Some Girls was a direct response to the threat of the burgeoning punk scene that included new artists the Sex Pistols, Ramones and the Clash. Definitely different product than “The Last Time”. As Keith Richards remembered, “It moved our ass, boy”.
Perhaps not something you’d hear from Peter Drucker, but still illuminating.