The Ten Commandments for Business Failure-#1
I recently read an interesting book by Donald Keough, who was chairman of Coca Cola Company during the introduction of New Coke. He has some intriguing insights into business failure. What I find most interesting is the number of companies I have seen who are following at least some of these commandments. I will publish my thoughs on this over the next ten sessions.
#1-Stop taking Risks. Every one of my successful clients is a risk taker in a well defined sense. They are not foolish; they understand the environment and are willing to take a calculated risk to move the business forward. When they stop doing this, it will be time to execute an exit strategy, because if you are unwilling to risk the assets of the company you cannot insure the future existence of the company.