Jim Collins, author of “From Good to Great”, has a new book “How the Mighty Fall” where he goes through the 5 stages that powerful companies experience on their way to failure. It is a good lesson on learning from someone else’s mistakes. Interestingly, the “mighty” companies and the market still think they are doing great through the first three stages of failure. The first stage is “Hubris”. Collin’s best example though was of a company that did not suffer from it, Walmart. Sam Walton was certainly proud of the company he had built but never thought he had it all figured out.
A group of Brazilian investors purchased a discount chain. They thought it would be a good idea to see how some of the world’s greatest retailers operated. Sam Walton invited them up to Arkansas. Sam picked them up in his pickup truck and welcomed them to Bentonville in his low key manner. They were there for two days before they realized that about the only thing they had done so far was answer Sam Walton’s questions. Sam built the largest company in the world but when he met someone new, he had the attitude, I know what I know so let me learn what you know.
Sam Walton knew the power of listening and learning. I know I'm a good listener ... Oh, excuse me sweetheart, have you been talking to me?
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