Perhaps it’s impossible to imagine now, but I was born in a world without brands. Growing up in Bulgaria under communism, the economy was state-controlled and private enterprise was banned. So, you can imagine my shock when I moved to Miami as a student in the 1990s and found myself immersed in a glamorous world of bright, brash and brilliantly branded companies.

Communism was supposed to be the perfect system that would survive forever. But in the United States, I discovered businesses that had outlasted it, and I became fascinated by them, desperate to learn their secrets and apply them to the luxury label I was creating with my family in Istanbul.

The classic books on business longevity, like Built to Last, were, at first, thrilling to read. But soon, my experiences and research made me suspect that something was not exactly right with all the standard advice.

As an entrepreneur, I found that the situations described in the books didn’t match the realities my firm faced. As a professor of business, research showed me that many of the companies the books celebrated had subsequently failed; of the 18 firms in Built to Last, only eight were performing above average 20 years later.

Busting eight myths

The source of the problem soon became clear. In a world of constant disruption, how could we imagine that what worked when these old companies were founded still applies today? Most thinking about business longevity is analog advice for a digital world. It simply no longer makes sense.

So, based on my research and experience, here’s my take on the eight main myths of business longevity and the realities they conceal.

Myth 1: You can start a company without a great idea

Reality: Many researchers claim that individual big ideas don’t play major roles in business success, but reality tells a different tale. Compelling initial ideas that provide solutions to real-world needs typically lay the foundations for long-lasting businesses.

Of course, adaptability is indispensable for survival and growth, but dismissing the impact of the initial idea oversimplifies the complexities of the business world. When starting or rebuilding a business, I highly recommend forming a big-picture vision that is based on your own values and the change that you want to see in the world.

Imagining how your business will shape the future enables you to develop the sort of ideas that disrupt industries and create lasting legacies. That’s how Luis von Ahn developed the world’s leading educational app, Duolingo, and how Jan Koum reimagined communication to create the multi-billion-dollar success that is WhatsApp.

Myth 2: Business longevity does not depend on constant stability

Reality: True longevity is achieved when you strike the right balance between stability and adapting to changing customer needs and market conditions. Business longevity isn’t about constant sailing in calm waters but rather being able to survive fierce storms through course correction.

Many well-established firms have endured near collapse before pivoting with adaptations that saw them recover stronger than before; a classic example of that phenomenon is Lego’s rebuild under the leadership of CEO Jørgen Vig Knudstorp.

Myth 3: Only big companies can achieve longevity

Reality: Business longevity is not dependent on starting or even becoming big. Many long-lived companies started small and developed organically thanks to prudent strategic decisions. In contrast, many businesses that began with abundant resources failed because their money stifled their creativity.

The small companies that survive and thrive leverage their limitations as strengths, taking advantage of their size to maneuver swiftly and adapt to changes more effectively than their more cumbersome competitors.

Myth 4: Longevity requires continual growth

Reality: In my experience, sustainable development trumps striving for continual growth every day. Sensible firms last longer because they manage their resources wisely and maintain their financial health by placing long-term strength above short-term gains.

I consult for many rising fashion startups who have experienced stratospheric growth trajectories after a star has been pictured wearing their designs. But when outside investors come rushing in offering big money, I always advise the designers to ask whether the initial benefits are worth the long-term costs.

Too much growth too soon can require sacrifices and a loss of creative control that can severely undermine your sustainability. It’s a principle that my grandfather called “frying in your own oil,” which means relying as far as possible on your own resources, financial or otherwise, rather than becoming dependent on other people or debt.

Myth 5: You must be successful in your home market first

Reality: The traditional books on business longevity typically celebrate corporate behemoths like Procter & Gamble, Levi’s and Coca-Cola that succeeded in their local markets before going global. But in the 21st century, that is far from the sole path to success.

Thanks to modern technology, we are now living in the era of the ‘born global’ firm. Companies can start enjoying success in markets around the world from day one.

My research has shown that companies founded or led by immigrant entrepreneurs are particularly likely to enjoy such success as they are adept at building bridges between cultures and creating firms that function in multiple markets.

Myth 6: Long-lived companies are always market leaders

Reality: Many of the most enduring companies have survived by maintaining second or third places in their industries while continuing to meet the needs of a dedicated customer niche.

Such companies can benefit from the giant’s shadow effect as slightly less visibility gives them more flexibility to innovate away from the constant scrutiny market leaders face.

Ultimately, solid strategies for adaptability and resilience are more important than being a market leader. Companies operating in niche markets can turn that to their advantage by developing deep expertise and increasing customer loyalty.

Myth 7: Having more customers makes for a longer-lasting business

Reality: Customer relationship quality is often more important than quantity. Businesses that survive in the long-term generally prioritize deepening existing customer relations through excellent service over merely increasing their customer numbers.

Focusing on customer satisfaction builds a loyal client base who continue doing business and are motivated to act as brand advocates. As online reviews are often fundamental to business growth, such advocates are becoming increasingly essential for long-term success.

Myth 8: Business longevity is primarily about competitive advantage in products or services

Reality: The role that corporate culture and employee engagement play in ensuring enduring success cannot be underestimated. Firms that prioritize their people are more likely to achieve key components of long-term success, such as efficiency, innovation and resilience.

A great example of that comes from Chobani, America’s leading Greek yogurt manufacturer. Founder Hamdi Ulukaya has continually worked to develop the local communities where the company operates and rewarded his staff with 10 percent of the shares in the US$10 billion valued company.

Firms like Chobani understand that employees who feel part of a supportive community tend to stay longer and perform better. Reducing turnover allows companies to build the institutional knowledge and commitment that are essential ingredients of longevity.

From inspiring initial ideas to adapting in the face of inevitable storms, the journey to business longevity is undeniably difficult. Nevertheless, separating business myths from reality helps you and your firm to chart a course toward long-term success.

Excerpt from Pioneers: 8 Principles of Business Longevity from Immigrant Entrepreneurs by Neri Karra Sillaman, published by Wiley.

Opinions expressed by The CEO Magazine contributors are their own.