“How the Mighty Fall”
Jim Collins’ new book, “How the Mighty Fall” is a great read for any business going through difficult financial situations—and those who want to avoid them. Though the title may initially cause you to think, ‘That’s all I need, more negativity!” the book provides empirical information on the common steps that highly visible companies have gone through in their decline, and others that turned it around mid-crisis.
The five steps that Collins identified are:
- Hubris Born of Success
- Undisciplined Pursuit of More
- Denial of Risk and Peril
- Grasping for Salvation
- Capitulation to Irrelevance or Death
