What happened to Nortel is similar to what happened to WorldCom and Enron in the early 2000s, and to Lehman Brothers, Citigroup, and many other banks during the 2008 financial crisis. Why do businesspeople keep making the same mistake?
There are many reasons why business people make mistakes over and over again. As business people are human and not perfect, they tend to become too comfortable with a situation which causes unnecessary mistakes. Day to day life is challenging due to being faced with lots of adversity and frustration which leads to high pressured environments. Business people under pressure tend to make quick decisions opposed to evaluating all circumstances accordingly. This practice alone has a tendency to snowball into irregular and or costly mistakes. For example, there have been many reported cases of doctors performing the wrong surgery on patients. This is a prime example of when a business person/professional finds themselves working under high stress. Everyone has some sort of stress in their lives, however the key is to keep it within manageable ranges to avoid making the same mistakes over and over again.
Some of those reasons include the ...
This article provides good information around why businesspeople continue to make mistakes around the same areas.