Why do only a few businesses survive for 100+ years?
I've been thinking about this question while researching an idea for a YouTube documentary.
Every business faces market changes over time. Customer preferences change, new technologies emerge, competitors enter the market, and sometimes the entire industry changes.
But if these challenges affect almost every business, why do only a few manage to survive for 100 years or more?
Is it mainly because of good leadership, the ability to adapt, strong brand loyalty, financial stability, or something else?I'd like to understand what actually separates businesses that survive for generations from those that disappear within a few decades.
For those who have studied business history or have experience running a business, what do you think is the biggest factor?