Learn to say no to a quick buck
The CEO of LA Gear grew his company from $11 million to $820 million in sales in just four years by focusing on unique, fashionable shoes that were expertly marketed. But chasing three high-dollar opportunities killed the company. LA Gear sold excess product at deep discounts which diminished the brand, invested heavily outside of their core competency in basketball shoes, and offered low-end shoes at Wal-Mart. The CEO couldn't stop chasing money, and the company paid the price for it.
The ability to say "no" to what looks like a lucrative opportunity is one of the most important traits a leader can possess.
* Bing: LA Gear makes a comeback
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- 3 days – I'm an unpacking MACHINE!
- I need a full month just to figure out where to put everything!
- 3 months – I use the boxes as end tables!
- NEVER! I still haven't unpacked everything from the last move.
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