“The actual manufacture of material into a specific product is a sort of digestive process which must have a functioning organization purposed to meet the required ends, just as the human body has, and it is governed by similar conditions. It must also be directed by a specific intelligence and must have internal and external avenues of correspondence to keep it alive; and, like a living organism, must adhere to the eternal economy of things and show a profit by its activities or it cannot progress.
To exemplify this in a simple way, the writer has laid out Figure I, showing the prime elements composing the anatomy of an industrial body. One does not have to draw on the imagination very far to make a comparison of this anatomy with that of man. It has its mind, will power, and brain to direct it, as indicated by the stockholders, directors and executive officers, a heart which keeps in flow the circulating medium internally; and avenues of correspondence with the outside world which furnish to it the very elements of existence.
This chart shows first, that the stockholders are simply elements belonging to the general public who have made an investment for some specific purpose; second, that immediately after this, the election of directors sets into action the first internal factor in the body, which is then divided into different functioning powers by the election of executive officers.”

Source: Organizing a factory (1905), p. 24