7 steps to management failure

Professor of management at a prestigious American university Dartmouth College Sydney Finkelstein published a book entitled Why Smart Executives Fail in 2004. It describes the findings of his research concerning failure of senior representatives of more than 50 major companies including Enron or WorldCom. He revealed seven common habits of these managers.

It turns out that the same behavior patterns contribute to the end of today's companies as well. Therefore, they should be monitored and taken as a major warning signs of an approaching collapse. Finkelstein's "Seven Habits of Spectacularly Unsuccessful Executives" were summed up on Forbes.com.

1. Lack of respect - managers perceive themselves and their companies as automatically dominant components of the business environment.

2. They identify with their companies so strong that they have no clear boundaries between their personal and corporate interests.

3. They are convinced that they know all the answers. They do not train any successors.

4. They ruthlessly destroy anyone who does not stand absolutely behind them.

5. They are perfect speakers obsessed with the company image. They see PR in everything that the company does.

6. They underestimate the obstacles on the way to their goals.

7. They stubbornly insist on what worked for them in the past.

-kk-