How the mighty fall through arrogance
This week’s business book review follows on from ‘Good to Great’ (reviewed in November), which details how good companies became great, and sustained it for years.
‘How the Mighty Fall’ also written by Jim Collins, investigates why these once mighty companies (some even in the last book) suddenly start to crumble and even die.
As always with Collins, it a very well thought out book, backed up with years of factual data.
It’s interesting, because decline can be detected and reversed, as detailed in some examples used
But what’s amazing, is the number of previously successful companies, who become arrogant with their own success, and chose to ignore the warning signs of decline, until its way too late.
Collins research uncovered a universal 5 step stage of decline, which the book centres around:
- Hubris born of Success
- Undisciplined Pursuit of More
- Denial of Risk and Peril
- Grasping for Salvation
- Capitulation to Irrelevance or Death
It reminded me about our own fight with decline before we closed our retail stores to transform into an office technology solutions business.
Now we’ve started a second business installing home and workplace electric vehicle chargers, we’ll certainly use the lessons learned to stay grounded and vigilant.
‘How the Mighty Fall’ gets a thumbs up and five stars
…thank you, any questions please connect and message me.