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 workplace after his enterprise misplaced $10 million. the guy assumed he was once being fired. Watson instructed him, “Fired? Hell, I spent $10 million instructing you. I simply are looking to ensure that you do discovered definitely the right lessons.”
There are millions of books approximately profitable businesses yet nearly 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 largest purposes for enterprise failure.
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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
Far from it. In the right circumstances, all of these strategies can succeed splendidly. All we’re saying is that these strategies are danger zones. If you’re pursuing one of these strategies, you need to be extremely alert to what can go wrong, and ready to react before your business is flirting with disaster. To help you be more careful, we begin part 1 of the book with a chapter on each of these failures. We draw on dozens of examples, plus others’ research, to tease out of each strategy the three or four reasons it may fail.
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.
11 The sales forces didn’t cooperate; they didn’t want to sell each other’s products. In fact, it would have been hard for them to cooperate even if they’d tried. Individual disability insurance tends to be sold by specialists, because of the complexity that the personalization of the policies requires. Group disability insurance, by contrast, tends to be sold by generalists; it’s usually just a small part of a broad sale of health insurance to corporations. The agents who bored in on the details of individuals’ policies couldn’t have been more different from those who schmoozed HR executives at major corporations.