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Quit doubling down on a failing strategy

Stephen Chambers

A major cause of company failure is holding on to a strategy that no longer works. To avoid “escalation of commitment”, learn to let go.

Many things can contribute to the failure of a company. But, in nearly every case of the demise of a former leader in its industry, a major factor is escalation of commitment: holding on too long to a strategy that was once successful. Writing in Harvard Business Review, Freek Vermeulen and Niro Sivanathan look at the causes of escalation, and ways to avoid it.


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Source Article: Stop Doubling Down On Your Failing Strategy
Author(s): Freek Vermeulen and Niro Sivanathan