How can one explain why seemingly successful companies, such as Borders, Blockbuster, Circuit City, Wang Labs and Digital Equipment, go bankrupt or fall from a successful leadership position? I find it fascinating that almost half of the roughly 25 companies that passed the rigorous tests to be listed in the once-famous book by Tom Peters and Robert Waterman, In Search of Excellence, today either no longer exist, are in bankruptcy, or have performed poorly.
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