By Paul B. Carroll, Chunka Mui
”This booklet is your likelihood to profit from others’ mistakes.”-- Entrepreneur
In the Nineteen 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 advised him, “Fired? Hell, I spent $10 million instructing you. I simply are looking to be sure to realized definitely the right lessons.”
There are hundreds of thousands 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 learn 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 resources for Billion Dollar Lessons: What You Can Learn from the Most Inexcusable Business Failures of the Last 25 Ye ars
Example text
As for the supposed benefits that customers would get from cross-selling, well, those benefits were all for UnumProvident, not for the customers. Someone with an individual disability policy with Provident didn’t need to buy life insurance from Unum. That customer already had access to plenty of life insurance in the market. Maybe a group-disability customer of Unum’s would find it slightly more convenient to check a box on an HR form and buy supplemental insurance of the sort that Provident traditionally provided, rather than seeking it separately.
4 A study by BCG helps explain why synergy goals aren’t met. The study found that more than 80 percent of companies don’t do detailed work in advance of an acquisition to make sure that the synergies that seem theoretically possible can, in fact, be produced. 5 Another study by Diamond helps explain why critical planning is not done. The study found that as companies are becoming ever more dependent on technology, achieving synergy targets is heavily dependent on the combined entity’s ability to integrate their business platforms and operate as one.
UAL was right that customers valued convenience and, in that long dark age that was the pre-Internet era, they couldn’t just hop on Expedia. But UAL was wrong in that it overestimated the value customers ascribed to convenience. Just because someone called United didn’t mean he’d stay at a Westin hotel or rent a Hertz car. A customer might prefer Avis or be sensitive enough about price that he’d go with a lesser brand. Perhaps a Westin hotel wasn’t as close to the traveler’s destination as some other hotel.