By Paul B. Carroll, Chunka Mui
”This e-book is your likelihood to profit from others’ mistakes.”-- Entrepreneur
In the Nineteen Sixties, IBM CEO Tom Watson known as an government into his place of work after his enterprise misplaced $10 million. the guy assumed he was once being fired. Watson instructed him, “Fired? Hell, I spent $10 million teaching you. I simply are looking to make sure you discovered the suitable lessons.”
There are hundreds of thousands of books approximately winning businesses yet almost none concerning the classes to be realized from those who crash and burn. Now Paul Carroll and Chunka Mui draw on study into greater than 750 flameouts to bare the seven greatest purposes for enterprise failure.
Read or Download Billion Dollar Lessons: What You Can Learn from the Most Inexcusable Business Failures of the Last 25 Ye ars PDF
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Extra info for Billion Dollar Lessons: What You Can Learn from the Most Inexcusable Business Failures of the Last 25 Ye ars
We hope the scariness in part 1 will be enough to provoke study and raise awareness. In part 2, however, we argue that awareness isn’t sufficient. Based on what we saw in our research, it isn’t enough to just know where the pitfalls lie. We found plenty of companies where senior people knew that a strategy was flawed yet still failed to head it off. People have known in general terms about certain pitfalls for years—for instance, in synergy strategies—yet still fall into them. Companies have paid investment bankers and consulting firms billions of dollars to help them be more careful.
It may mean turning to an independent board member. It may mean assigning a trusted senior executive. It may mean hiring an outsider. The process is simply designed to bring all possible objections to the surface, given that strategy-setting processes often smooth over objections. Note that the devil’s advocate process isn’t designed to override the top executives of a business. We’ll say that again: The devil’s advocate process isn’t designed to override the top executives of a business. Despite the profusion of failures that we detail in this book, we aren’t saying that every venture is doomed to fail.
The companies would become more efficient, saving on costs. The benefits would appear so quickly that earnings per share would increase in the first year of the merger over what they would have been if the companies had stayed independent. Unum and Provident insisted customers would see major benefits. Customers would be dealing with a bigger, more solid company that would provide better service and lower prices. The merger “creates a real dominant company in the disability market,” said Gloria Vogel, an equities analyst.