Billion Dollar Lessons: What You Can Learn from the Most by Paul B. Carroll, Chunka Mui

By Paul B. Carroll, Chunka Mui

”This e-book is your likelihood to benefit from others’ mistakes.”-- Entrepreneur

In the Sixties, IBM CEO Tom Watson referred to as an govt into his place of work after his enterprise misplaced $10 million. the guy assumed he used to be being fired. Watson informed him, “Fired? Hell, I spent $10 million teaching you. I simply are looking to be sure to discovered the correct lessons.”

There are millions of books approximately winning businesses yet nearly none concerning the classes to be realized from those who crash and burn. Now Paul Carroll and Chunka Mui draw on learn into greater than 750 flameouts to bare the seven largest purposes for enterprise failure.

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Additional info for Billion Dollar Lessons: What You Can Learn from the Most Inexcusable Business Failures of the Last 25 Ye ars

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Watjen also greatly scaled back plans to write more individual policies in the future. Watjen even got rid of the “Provident” part of the company name, reverting to just Unum. Watjen raised prices on many policies to try to return to profitability but found that Unum’s size still didn’t give it the pricing power that had been expected before the merger. Many customers simply went elsewhere rather than pay the higher fees. Competitors were using the turmoil at Unum as a way of aggressively attacking its customer base.

Yet companies continue to have an iffy record with the strategies we investigated. So we begin part 2 with a chapter that looks at individual psychological issues that make it likely that businesses will, from time to time, come up with strategies that are clunkers. We cite research such as Stanley Milgram’s work that shows just how much people are inclined to conform, rather than stand up, even when they know something is wildly wrong. Milgram is the person in the 1960s who got numerous subjects to “teach” others by administering electric shocks when they gave a wrong answer, gradually increasing the shocks until they went beyond what those running the experiment had told subjects might be a lethal dose.

Finally, Penney felt it could generate catalog sales for its department store by putting Penney catalogs in the pharmacies. If that seems like a pretty weak array of possible synergies, well, it was. No synergies appeared, and focused competitors started taking business away from Penney’s drugstores. In 2000, Penney took a $500 million write-off on its pharmacies. 3 billion loss on the sale. Some retailers actually chased customers away in pursuit of synergy. 9 billion in cash and became the third-largest department-store chain in the United States.

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