Project Description
Subtitle: The 10 Big Reasons Businesses Crumble, and How to Keep Yours Strong and Solid
By: Mark Ingebretsen
Notes:
Stage one:
- Outrageous arrogance born of success that eventually leads to decline.
- Better to creat ur own future
- Don’t turn attention to the next big thing. Focus on core business.
- Don’t lose passion for core business.
- Successful people assume their success was a result of luck,bc these companies are always trying to improve.
- Success will continue if a person or company seeks to learn as much as possible.
Stage two:
- Big acquisitions can destroy strategy and momentum.
- Lack of innovation is not a recipe for decline. Innovation does not guarantee success.
- You’d must make sure to hire the right people who are self motivated to do all the right things to help the company achieve what the company needs.
- Need a good succession plan in order to be successful over the long term.
Stage three
- Denial of risk
- Don’t blow holes below the water line. Could u hande the downside?
- Mgmt should have productive paranoia when financial results start to deteriorate.
- Teams on the way down shield mgmt from reality.
- Leaders never criticize ppl form bringing up criticism. They also use a Socratic method.
- Julius Caesar made suggestions that galvanized people to act in the way he wanted.
- Teams on the way up credit other people for success and argue to improve answers to support the overall cause.
- Doing a startup is less risky than staying with a company in denial.
Stage four: lurking in different direction to jump start progress.
- When in decline, stop, focus and take ur time before taking your shot.
- Don’t bring in outsiders.
- Don’t panic.
- Cash is king.
Stage 5: cash is king. Companies don’t die cover night.
- The right leaders feel a crisis in good time and bad
- The rightppl will drive improvement to matter what.
- Need sound mgmt practice in every situation.
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