Old Japanese firms offer vital lesson for younger ones

Japanese people have one of the highest life expectancies in the world (84 years), according to the World Health Organization - about 80 years for men and 87 for women, to be precise. The island nation is also home to some 40 percent of the world's longest surviving businesses - the highest in the world. A 2011 survey by Tokyo Chamber of Commerce and Industry showed Japan had 21,666 businesses that were more than 100 years old, and 3,146 of them had been around for more than 200 years.

In fact, quite a few flourishing Japanese companies trace their origins to the 17th or 18th century. They include Mitsui, Sumitomo and the departmental store Daimaru. Mitsubishi and Suzuki, founded in the 19th century, are much younger in comparison.

What has enabled Japan's old-world companies to continue doing business this long?