Choice Costs: Every decision has a cost. Giving up is also a choice, and therefore, it carries a cost as well. The purpose of spending money is to gain the efficiency or benefit of a chosen option. Organizations can be at risk if leaders fail to correlate costs and benefits when making decisions or relinquishing opportunities. For example, if a CEO decides to hire an employee, there is a cost associated with wages, and if the employee cannot perform their role corresponding to the wage, the organization suffers a loss. Ultimately, if the CEO fires that employee, the organization must find a replacement, incurring additional costs in the process. A CEO who spends excessively on emotional indulgences is a harmful leader. - Joseph’s “just my thoughts”
Success always has two faces. One is achievement and the other is complacency. There's a term in business administration called the " Competence Trap". It refers to the belief that if people cling to and repeat past successes, they will continue to be successful in the future. Xerox, which invented the world's first personal computer; Chrysler, which missed the SUV market because of the success of the minivan; and Kodak, which invented the world's first digital camera but failed to aggressively market it for fear of losing its main business, film. Humility is not an etiquette, but a shared destiny essential to success. - Joseph’s “just my thoughts”