What Business They Were In

In the late 1800’s, no business matched the financial and political dominance of the railroad. Trains dominated the transportation industry of the United States, moving both people and goods throughout the country. Then a new discovery came along – the car – and incredibly the leaders of the railroad industry did not take advantage of their unique position to participate in this transportation development.

In his book The Search for Excellence, Tom Peters points out the reason: “The railroad barons didn’t understand what business they were in.

Peters observes that “they thought…