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
Have your say
Should new wireless companies Mobilicity, Wind Mobile and Public Mobile be allowed to fail?
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- Yes, the market will decide if they are competitive enough to survive.
- No, the playing field in the wireless market is not level. The government should help these companies.
- I don't know.
Dec. 12 (Bloomberg) –- Stutland Volatility Group Managing Director Dan Deming discusses the Vix and investing in volatility with Julie Hyman on Bloomb... More Dec. 12 (Bloomberg) –- Stutland Volatility Group Managing Director Dan Deming discusses the Vix and investing in volatility with Julie Hyman on Bloomberg Television's "Street Smart." (Source: Bloomberg)
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