As part of a centennial company that was passed to me as the fourth-generation heir in 1993, the Kowloon Motor Bus Company (KMB), founded by my grandfather in 1921, will officially be 104 years old in 2025. Despite the challenges such as the Japanese occupation during World War 2, global financial crises, and even the pandemic of 2020, I feel an immense pride in the milestone we have reached, which reflects resilience and adaptation.
Reports show that the average lifespan of an S&P 500 company has drastically decreased, from 67 years to now just 15 years. This indicates that even the most prepared companies may not endure if they fail to innovate and adapt to changing market dynamics, a fact that keeps me concerned about the future of traditional businesses.
The famous words of Charles Darwin, 'Adapt or die,' hold immense truth in business. Companies must analyze market needs, work collaboratively, and engage in rational thought to remain relevant. The example of how LEGO successfully evolved over time serves as an inspiring case of adaptation and ingenuity, demanding ongoing change.
In today's rapidly evolving landscape, merely being prepared is not enough. To survive and thrive beyond a century, businesses need to embrace flexibility, innovation, and a keen understanding of customer desires, which requires continuous effort and strategic planning.
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