The book "Good to Great" includes a ton of ideas and stories to help explain how successful companies were built and how they maintained their strength for many years.
One those ideas is "The Hedgehog Concept", explained by Nathaniel Gaydosik in this short video.
For more on the discussion that Nathaniel and I had on this book, check out the full podcast episode from a few weeks ago:
https://stackingknowledge.com/ep021/