In this episode, we look at Paul Carroll's research for Billion Dollar Lessons, key takeaways from the 750 most profound business failures of all times and how Paul learned as an award-winning journalist at The Wall Street Journal that not every tree grows to the sky.
You'll discover why there are no new business mistakes, just new people to make them. Paul shares the seven strategies that are most commonly associated with failure, including staying the misguided course.
Paul says, "once an idea gets put on the table, people want to confirm it." You'll see why it is so important to play devil's advocate, if you aim to overcome dangerous assumptions about things like the economy, your target audience, market timing and technological disruption.
Paul and I discuss why most people don't understand the role of luck in business. When we succeed, we assume it's because we're super-smart people and when we fail, we point to all the specific things that caused the unfavorable result. Paul talks about the difference between Michal Dell, Bill Gates and how timing and pivoting are critical, especially if you arrive late to the game in a specific market trend.
"While you never know exactly what the payback is going to be from your decisions, I think if you can somehow stay as flexible and be as intellectually honest as Bill Gates was, then you're going to be in a position where you can pivot from whatever you're doing now to whatever's going to be even more successful in the future."
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Resources Mentioned on The Burleson Box: