Video Title: 
Billion Dollar Lessons: What You Can Learn from Business Failures
Video Length: 
48 MInutes
Video Format: 
Video Price: 
Wednesday, January 14, 2009
7:30 AM Breakfast, 8:00 - 9:00 AM session
Main Dining Room, Stanford Faculty Club, 439 Lagunita Dr, Stanford, CA.
  • Seven common strategic errors that lead to business failure.
  • Why bad strategies happen to good people.
  • How to encourage devil's advocacy before it's too late.

While we are inspired by business success stories we are educated by business failures. Chunka Mui and Paul Carroll researched 750 of the most significant business failures of the past quarter-century and found the Number 1 cause of failure was not sloppy execution poor leadership or bad luck. It was instead misguided strategy.

Mui gives examples of the seven most common strategic failure patterns: illusions of synergy, misjudged adjacencies, faulty financial engineering and others. He explains that each pattern has predictable red flags. Human beings are hard-wired for bad decision making in complex situations notes Mui.

We hone in on answers before examining all the facts and then seek evidence to confirm our answers. We are adversely influenced by emotion loyalties and group think. However decision making can be improved when we encourage conflict and question our assumptions. A devil's advocate review should be built in early to the strategy process and again at the key design stages and when near completion for a last chance to review the full strategy.

Chunka Mui is a fellow with Diamond Management & Technology Consultants and a partner with Cornerloft Partners LLC. He co-authored with Larry Downes Unleashing the Killer App Digital Strategies for Market Dominance and co-authored with Paul Carroll "Billion Dollar Lessons." He holds a BS in Computer Science and Engineering from Massachusetts Institute of Technology.


Chunka Mui - Fellow , Diamond Management Technology Consultants

Chunka Mui is the coauthor of the new book “Billion Dollar Lessons: What You Can Learn from the Most Inexcusable Business Failures of the Last 25 Years” as well as the major business bestseller “Unleashing the Killer App.” He is a fellow at Diamond Management & Technology Consultants. He lives in Chicago.