Worst business decisions ever?
Editors at the 24/7 Wall St. website identified the most costly mistakes made by US corporations. Here are 5 big missteps that had enormous consequences.
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Worst business decisions:
Coke comes out with new formula
Excite passed on the opportunity to buy Google for $750,000
IBM lets Microsoft keep the rights to MS-DOS
Electronic Data Systems passes up the opportunity to buy Microsoft for $60,000,000
Decca Records passes on signing up the Beatles because "guitar groups are on the way out."
Financial companies won't hire me because I don't have experience, even though I have been self-employed in the financial field for the past 10 years and have letters of recommendation that come from top people (Presidents, Managing Partners, Founders, etc.) in corporation's that everyone has heard of
The value of that policy was 15,000 dollars.
Inflation's relentless march making the 5 cent candy bar into the dollar candy bar is the one factor that one cannot adequately prepare for.
Many prior retirees have seen their once "comfortable" retirement turn into a financial nightmare with things like gasoline going from $2 to $4 within a couple of years and the ever increasing taxes and increases in utility costs.
Retirees are projected to be about 1/4 of the total population within the next 20 years and the costs of providing services to those who can no longer take care of themselves will possibly create an exponential rise in costs to meet those needs.
Failure to plan sufficiently could cause you to see poverty in your twilight years.
My father told me back in the late 50's, he was watching this country starting to let our manufacturing go overseas. He was very concerned and wrote letter after letter to representatives and senators, he wrote to anyone he could think of, but his word fell on deaf.
He told me, that the only way to create wealth was to manufacture, that is what made this country. If we let that get away from us we would be a service based economy. At that time we would start being controlled by foreign economies.
Seems he was right!
The decision made by Kodak got to be the most painful. Other film companies such as Fuji and Ilford adapted and are doing pretty well. Kodak on the other hand is like a Zebra stuck in quicksand. The harder it tries to get out the quicker it sinks in. It is almost painful to watch.
My favorite was watching Wang Labs implode when Fred Wang took over from the brilliant Dr. An Wang (Fred's father).
Fred had ZERO skills and appointed so many family members to important posts that they should have changed the name to NEPOTISM, Labs.
The level of incompetence amongst these family members was even greater than that of Fred himself. One of the most notorious was Ed Yang who was appointed to run the western region.
Needless to say only a few years after the switch, the company went from the number one word processing company in the world to bankrupt.
Fred either fired or pushed out all of the talented executives that built the company in order to make room for the family and their chosen ones.
Prior to Fred's reign Wang was the number 3 computer company in the world with over 33,000 employees and 1980 revenues of $3 Billion. Wang filed for bankruptcy in 1992.
Worst Business Decisions in my book
Ford shuts down for 18 months between the Model T and the Model A and looses 50% of it's market
Coke changes its' formula then goes back.
Sears and K-Mart join forces to ruin the image of both stores
GM accepts bail out from Obama and looses half of it's market
1970's American Auto Manufacturer's relinquish the small car market to the importers because they can make more on larger cars. They loose the ability and image for making an economy car.
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