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March 8, 2007
Successful Limits
Filed under: Wisdom
Jeffrey Pfeffer wrote a column in the January/February 2007 issue of Business 2.0 entitled "The Agony of Victory." He makes the argument for why the greatest peril for a company is often its own success. Pfeffer suggests three strategies to help companies avoid "competency traps."
1. Avoid excessive specialization
Don't put all of your eggs in one basket. Diversify service offerings. Make sure your assembly line isn't setup to make just one type of vehicle.
2. Develop peripheral vision
Pay attention to the facts. Get a little paranoid. Don't focus on what you want to happen, focus on what is happening.
3. Foster an environment of learning and vigilance
Your greatest strength can be your greatest weakness. Understanding that, get your mind set accordingly.
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