Business failure: despair or lesson?

Business failure: despair or lesson?

31.12.2016 News

Each company and the man himself admits, sometimes failing, seemingly mistakes. But if it is really a failure or a good experience for the development shows a wonderful book of Laurence G. Weinzimmer and  Jim McConoughey “The Wisdom of Failure”.

5 small stories from the book will help you to understand that the business mistakes can make  each person, above all it’s important to analyze them and make the necessary conclusions

Do not be afraid to admit failure and leave the matter of his

News Corp.  has invested $ 580 million on MySpace acquisition in 2006, and invested in the social network additional millions of dollars. Facebook, yet became more successful, and MySpace was sold only by $ 34 million.

“Healthy” Cigarette or contrary to tradition

The company of the production of tobacco R.J. Reynolds spent $ 1 billion on the production of cigarettes with lower nicotine content – Premier. But it turned out that smokers can not stand the smell. Absurd? – Conclusion!

Luxury products can not tolerate “easy money”

LA Gear President of the company for four years, raised the sales of sports shoes with $ 11mln to $ 820 million, using a variety of marketing methods. In the pursuit of profit began to sell shoes at discounted prices in each store, thus reducing the attractiveness and prestige of the brand.

Do not allow competitors to define the strategy of your company

Coca-Cola has responded to the provocation Pepsi «The new generation chooses Pepsi» and released in response to a very bad drink New Coke, which was a huge failure in the history of the brand business.

Keep your attention on the main product of the company, which brings a good profit, and is widely known among consumers

Netscape company trying to develop a new programming language, lost sight of their first widely popular browser, ignoring his improvement. This was an error on a billion $.

No business is immune from mistakes, but by analyzing the negative experience, you can protect your company from such failures.

Also read: Does Ukraine refuse to continue oil business in Egypt?

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