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Breaking Failure: How to Break the Cycle of Business Failure and Underperformance Using Root Cause, Failure Mode and Effects Analysis, and an Early Warning System by Alexander Edsel

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2. Don’t Start Off on the Wrong Foot

“If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.”

—Albert Einstein

Most competent managers follow best practices when launching a new product or service, including the market research, forecasting, segmentation, prototypes, and, if applicable, the Stage-Gate process, to name but a few. The same diligence applies to management when considering merging or acquiring a new business, the Marketing or Advertising department running a campaign, the Finance department when suggesting new investment options, or sales managers prospecting for new customers.

In all these cases, however, the most important step is frequently skipped, an omission ...

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