… Insightful four lessons learned from big companies in this economical turmoil. Avoiding complacency, Moving With The Times, Accepting Responsibilty and Knowing your markets are the key four lessons companies like GM failed to learn and therefore announced bankruptcy. – Mouaz.
“4 lessons to be learned from the crash and burn of industry leaders.
The most important thing for any entrepreneur is learning from mistakes, and nobody says they have to be yours. Most small businesses can’t afford errors. Luckily the recent recession provides many mistakes from which to learn; and at a current cost of $3 trillion, somebody should be getting something out of this.
The downturn proves there’s no such thing as “safe.” Chrysler and General Motors: some of the biggest names in the auto business have been bailed out or bankrupted over the past few months. It’s easy to blame the credit crisis or oil prices, but the real reason is pure complacency, a risk shared by even the smallest business. When your work starts paying off and you’re turning a profit, it’s all too easy to forget–or refuse to believe–that the situation can change.
… Full article can be read at The Entrepreneur: http://www.entrepreneur.com/startingabusiness/startupbasics/article202826.html.