Do Your Homework. Then Do It Again.
Business decisions based on kneejerk reactions, complacency, or vision-impeding blinders can be toxic. However, worse yet, taking action hampered by a lack of (or flawed) objective, timely homework/research can be comically fatal. Not funny comical. Just the very woeful kind.
• Does anyone not own a PC? Xerox invented the first PC but never exploited the opportunity.
• Kodak did not recognize digital imaging/photography as its future. It struggled late in the game to play catch-up, but it was way outpaced.
• Blockbuster turned down the opportunity to partner with the fledgling Netflix business and stuck with its store video rental business model until it went bankrupt in 2010. Netflix, on the other hand, is ...
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