When you work with senior executives and boards of directors as long as I have, troubling behaviors that directly affect corporate performance become all too clear. And a number of major corporate failures we’ve all seen in the news can be traced back to these behavioral characteristics. I’ve coined names for these bad habits. Worst is “keeping up with the Joneses” syndrome, followed by its two corollaries: “best practices” and “groupthink.”
We know that businesses must take risks to carry out their missions and to drive toward achieving growth and profit. We also know that competition is inherently good, bringing ...