How can the theories of Peter Drucker be applied in modern business management?

Other motivational factors for workers can include recognition for their work, opportunities for personal growth and development, a positive work environment, job security, good pay and benefits, and a sense of belonging or team spirit.

There are several theories that emphasize the importance of choosing the right people in business. One of them is the Resource-Based View (RBV) which suggests that a firm's competitive advantage largely depends on its internal resources, including its human capital. Another theory is the Human Capital Theory, which posits that the skills, knowledge, and experience of employees can be treated as capital that can contribute to the economic value of a company. The Social Capital Theory also highlights the importance of relationships and networks within a business, which can be optimized by choosing the right people.

Some other factors that can lead to the decline of an industry include technological changes, regulatory changes, shifts in consumer preferences, increased competition, and economic downturns.