I frequently run across articles listing “worst decisions” made by business leaders. I once viewed those articles as writers taking cheap shots at people who have failed…and maybe they are to some extent. However, I now look at them as an opportunity to learn from past mistakes. Understanding where others went wrong may help you avoid a bad decision in the future, and save your company from massive loss.
For instance, I recently saw an article on zdnet.com entitled, “Ten catastrophes: All-time worst tech industry executive decisions.” As you read through the article, do any trends stick out at you? Do you notice similarities between the bad decisions?
I notice that while some were the result of a lack of foresight, a few stemmed from poor planning and office politics. They might seem like obvious problems, yet they still occur with alarming frequency. Both can lead to bad decisions, yet both are easily fixed.
How about you, can you add any other problems that lead to bad decisions?