Most great companies are formed to meet the goals and express the values of their founders, which is not always the same as maximizing shareholder wealth. For them, profit is simply a strategic necessity rather than the supreme end point.

This may be a jolting concept, we realize. But we’re certainly not the only management writers who have come to the same conclusion. Peter F. Drucker, in his classic text, Management: Task, Responsibilities, Practices, reached the same conclusion years ago:

Business cannot be defined or explained in terms of profit... The concept of profit maximization is, in fact, meaningless... The first test of any business is not the maximization of profit, but the achievement of sufficient profit to cover the risks of economic activity.

But profitability and cash flow are not what work is ultimately all about. Profit maximization doesn’t provide the type of inspirational aim that people throughout the company are willing to put their full energies towards, to commit a part of their spirit to. We are not saying that profit is bad. Yes, absolutely profit is needed, but profit in and of itself does not provide meaning.

Tom Chappell, founder of Tom’s of Maine, a highly profitable company, explained in Inc. magazine how the pursuit of numbers alone is an endless treadmill:

Quantitative goals can’t invest purpose in a process that has none. The quest simply for more of anything is inherently unsatisfying. If there is no point or joy in what you are doing, or if you lose sight of the point, then just measuring your progress can’t make it worthwhile or fun. If I can organize people around a purpose, that is the most powerful form of leadership.

Those who see life, business, and the pursuit of accomplishment as about finding that one big hit—the one big lucky break—fail to grasp how true greatness happens. No great company, no great career, no great body of work comes about by a single event, a single flip of the coin, a single hand played. Of course, persistence doesn’t guarantee success; and the best leaders understand that they may need to change strategies, plans, and methods on the long path to building a great company. But they also understand and live out this simple truth: Luck favors the persistent.

But there’s also a hopeful story to tell. Companies can sustain greatness for decades, even if only a few do so. What this means is that you never get to the “end” of The Map. You’re never done with the journey. You’re never done with the need for disciplined people who engage in disciplined thought and take disciplined action. You’re never done renewing the company so that it might be built to last. You’re never done preparing for bad luck and capitalizing on good luck, getting a higher return on luck than others. Greatness is an inherently dynamic process, not an end point.

The Map doesn’t guarantee a great outcome. But those who adhere to its principles—and who do so with joyful intensity—have much better odds of building a great company that can endure than those who don’t. Along the way, perhaps as more of a by-product than a goal, they just might find the daily happiness that comes from doing meaningful work with people they truly like and deeply respect. And it’s hard to have a better life than that.

In fact, many outstanding businesses have been successful primarily because of outstanding execution. An Inc. magazine survey of its Inc. 500 (fastest growing private companies) showed that 88% of CEOs attributed their company’s success primarily to extraordinary execution of an idea versus only 12% who attributed success primarily to the idea itself.