Mistakes businesses should avoid

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To whom it may concern

I’ve talked about Dave in an entry a while ago. Dave works at a big and successful company. He has taught me a lot about business and strategies his company uses to be one of the most successful countries in the world. Dave’s company did not just develop their own strategies but also analyzed and studied other companies to improve themselves. 

They would particularly study companies that have failed. According to Dave, studying the failures and mistakes of other companies helped them avoid the same mistakes. This one time they studied a promising startup that failed due to poor management. 

When they looked into it, the key people in the company were irreplaceable. Since all of the key people in the company could not be replaced, they were treated with exception. They were above the system. 

When the most important people in an organization are too important and can’t be replaced, they can ruin the whole company. 

For starters, they will have too much power. The system will be made to fit them. This threatens the organization’s ability to do what is right. The startup Dave studied had failed because the key people in the company did whatever they wanted. People were above the system. 

Authors Note

In this journal entry of Julio, we learn how to grow your business and stay relevant.

We wish our readers don’t just simply read this story but rather also reflect on the lessons mentioned. See if you can implement any of the lessons taught in your life.

Book: Principles by Ray Dalio (Purchase on Amazon

Lesson(s): 

  • Make sure that no one is more powerful than the system or so important that they are irreplaceable.
  • Don’t build the organization to fit people but rather find people that will fit the organization. 
  • Always have designated replacements for important/key men in the organization. 

Notice: All of the entities and locations mentioned in this entry are fictional.

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