“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” –Eleanor Roosevelt
Sydney Finkelstein studied 50 companies that were at the top of the food chain but soon plummeted. Some of which included, Enron, Tyco, WorldCom, Rubbermaid, and Schwinn. In his research, he found that the senior executives at the companies all had seven habits in common. Here are the habits Finkelstein described in a 2004 article:
“Seven Habits of Spectacularly Unsuccessful Executives”
Habit #1: They see themselves and their companies as dominating their environment
This is dangerous because in doing this, the overly dominant CEO fails to comprehend that circumstances can change.
Habit #2: They identify so completely with the company that there is no clear boundary between their personal interests and their corporation’s interests
They see the company as their own, thus when the company does well, they feel as though they deserve to allocate expenses to none other but themselves.
Habit #3: They think they have all the answers
They make decisions so quickly that they don’t have time to stop and comprehend the consequences. Even worse, since they are know-it-alls, they do not want to learn new ways.
Habit #4: They ruthlessly eliminate anyone who isn’t completely behind them
When the entire company gets on board with a CEO like this, then what happens when they are headed in the wrong direction? There isn’t anyone to give caution.
Habit #5: They are consummate spokespersons, obsessed with the company image
High-profile executives who are constantly in the spotlight end up spending more time than necessary working on their public image and forget about the important issues at hand.
Habit #6: They underestimate obstacles
When a CEO becomes completely captivated by their own vision and company goals, they repeatedly depreciate the difficulties in getting there.
Habit #7: They stubbornly rely on what worked for them in the past
These executives need to look at the alternatives that fit current situations, but they only want to revert back to their own experience.
At Center for Work Life, we work hard to change situations such as the above. We have various packages and programs that would work for your company to turn it around. You don’t want to plummet to the bottom like many of the companies above. Learn from their mistakes and do not make the same.
(Source: http://www.forbes.com/sites/ericjackson/2012/01/02/the-seven-habits-of-spectacularly-unsuccessful-executives/)
