What makes a company truly distinctive'and how can it evolve without losing what makes it special' Its essence lies not in its mission statement or brand identity but in capabilities that competitors cannot easily replicate and customers genuinely value. Ferrari, Lego, and luxury watchmaker A. Lange & Sohneing illustrate a valuable lesson: Leaders must discover their company's essence through careful questioning and experimentation, distinguish enduring strengths from the practices that embody them, and test what can change without sacrificing competitive advantage.
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