Success is a lousy teacher. It seduces smart people into thinking they can’t lose.
— Bill Gates / Microsoft
Nothing ruins more businesses than early success. As a former employee of a few once-prosperous companies, I have some firsthand experience with this syndrome.
Business is booming, profits are soaring, and the stockholders are delirious. Somewhere along the line, the bosses got duped into thinking that all this success was due to their brilliant strategy and insightful leadership.
Could be, but in reality these guys just rode a wave of prosperity and took the credit for it. Then when times got tough, they made excuses and blamed the government, the customers, the economy; everybody but themselves.
Now, as always: If success leads to arrogance, arrogance leads to failure.
And so it goes.