Warren Buffett recommended reading list book #10 by Don Keough. The Ten Commandments for Business Failure features and introduction written by Warren Buffett.
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Charlie Munger is perhaps best-known as the vice chairman of Berkshire Hathaway, where he has been Warren Buffett's longtime business partner. As well as holding this position, he also servers as the chairman of the Daily Journal Corporation and is a director of Costco Wholesale Corporation. Munger started his investment career in the 1960s when, Read More
The Ten Commandments for Business Failure Book Review
The Ten Commandments for Business Failure by Donald R. Keough
Don Keough—a former top executive at Coca-Cola and now chairman of the elite investment banking firm Allen & Company—has witnessed plenty of failures in his sixty-year career (including New Coke). He has also been friends with some of the most successful people in business history, including Warren Buffett, Bill Gates, Jack Welch, Rupert Murdoch, and Peter Drucker.
Now this elder statesman reveals how great enterprises get into trouble. Even the smartest executives can fall into the trap of believing in their own infallibility. When that happens, more bad decisions are sure to follow.
This light-hearted “how-not-to” book includes anecdotes from Keough's long career as well as other infamous failures. His commandments for failure include: Quit Taking Risks; Be Inflexible; Assume Infallibility; Put All Your Faith in Experts; Send Mixed Messages; and Be Afraid of the Future.
As he writes, “After a lifetime in business I've never been able to develop a step-by-step formula that will guarantee success. What I could do, however, was talk about how to lose. I guarantee that anyone who follows my formula will be a highly successful loser.”
"Don possesses a special combination of experience, wisdom, self- confidence, and self-awareness. His commandments for failure will teach you more about business success than a whole shelf full of books." - Bill Gates
"This is a great book, filled with terrific advice from a management icon, and brought alive by real stories from business history. It is a must-read for every leader." - Jack Welch
"Don's best ability is to cut to the chase on an issue, to cut through the bureaucratic fog. Keep it simple is his principle and mine too." - Warren Buffett (from the foreword)
"Don Keough, with his sixty years of business experience, is well equipped to comment about business leadership. He is an outstanding man, and I am proud to call him friend." - Former President George H. W. Bush