
Donald R. Keough
A witty, cautionary guide to the most common and deadly ways businesses fail, drawn from the real-world experiences of a legendary leader.
The book’s foreword is written by Warren Buffett, who was a close friend and neighbor of Keough’s in Omaha.
Section 1
9 Sections
The journey of business, much like the journey of life, is filled with crossroads—moments when the safe and familiar beckon us to stay while the unknown whispers of possibility.
Imagine a company that, after years of struggle, finds itself on top of the world. The temptation is powerful: “Let’s not rock the boat. We’ve made it.” But as the author so wisely points out, this is precisely the moment when the seeds of failure are sown. Our ancestors, from daring immigrants to pioneering entrepreneurs, remind us that progress is the child of risk. The Atlantic crossing, the leap into a new industry, the decision to invest in innovation—all these acts of courage built not just companies, but entire cultures.
Consider the story of a global beverage company that, in the darkest days of economic depression, chose to double down on advertising. Against all advice, they bet on hope and imagination, commissioning a series of ads that transformed a stern old figure into the beloved, rosy-cheeked Santa Claus. Sales soared, and a brand legend was born.
But risk is not just about bold moves in times of crisis. It is the ongoing willingness to question, to innovate, to ask, “Is there a better way?” Another tale tells of a technology giant that invented the personal computer years ahead of its rivals. Yet, comfort and internal politics led them to ignore their own breakthrough, allowing others to claim the future. The lesson is clear: yesterday’s triumphs are no guarantee of tomorrow’s relevance.
As we reflect on these stories, let us remember:
And so, as we move forward, let’s explore what happens when, instead of embracing change, we harden into inflexibility—the next silent saboteur of greatness.
Why is risk-taking essential for business longevity?
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Success often breeds caution, which can stifle growth.
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