Sometimes leaders take their success for granted. They don’t determine what the key elements were that brought about their success. That’s why we tend to learn more from our failures than from our successes.
Some leaders, after a lot of success, get bored. They develop the desire to expand with inappropriate acquisitions. They think they can turn any company around, or be successful in any venture.
As a result, they dilute their leadership. Many times they move their most successful leaders into failing acquisitions, which leads to a double loss.
Leaders can also exhibit this behavior when it comes to long-established programs at their core companies. Take a long-standing, successful advertising campaign, for instance. Leaders become tired of it and want something new. Millions of dollars may be spent on a new campaign, just because someone was tired of the old look. And the new campaign isn’t any more effective, in fact, is less effective than the old campaign. All because someone was restless.
When good leaders get bored with their success, they don’t do dumb things.
They don’t acquire companies and businesses that they know little about.
They know they will pay a stiff price for doing so.