My first PDA was a Palm Pilot and in my opinion, a great piece of personal hardware. Palm was once the strong leader in PDA products, and a great many users used to like their smartphones. Now, some analysts are actually thinking that Palm’s stocks will dive to zero. Jean-Louis Gassée, once of Apple, has this to say about Palm’s future: “I’m afraid Palm will be twisting in the wind for a short while and then call it a day.”
Why do once-great companies fail? Jim Collins’ How The Mighty Fall: And Why Some Companies Never Give In talks about the five typical stages of decline of such companies:
- Stage 1: Hubris Born of Success
- Stage 2: Undisciplined Pursuit of More
- Stage 3: Denial of Risk and Peril
- Stage 4: Grasping for Salvation
- Stage 5: Capitulation to Irrelevance or Death
Great book, if you like to read about succeeding in business.