{"id":112815,"date":"2023-09-15T09:53:00","date_gmt":"2023-09-15T13:53:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=112815"},"modified":"2023-09-15T15:45:46","modified_gmt":"2023-09-15T19:45:46","slug":"how-the-mighty-fall-book","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/","title":{"rendered":"How the Mighty Fall: Book Overview and Takeaways"},"content":{"rendered":"\n<p>Why do so many companies crack under pressure? How can a floundering company recover?<\/p>\n\n\n\n<p>While Jim Collins&#8217;s book <em>How the Mighty Fall<\/em> is a warning to companies that have grown complacent, it also serves as motivation for those in the throes of decline. Collins says that by staying vigilant about the threat of failure, you can rechart your course, keep pushing forward, and ensure your company&#8217;s survival.<\/p>\n\n\n\n<p>Read below for a brief <em>How the Mighty Fall<\/em> book overview.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-the-mighty-fall-by-jim-collins\"><strong><em>How the Mighty Fall<\/em> by Jim Collins<\/strong><\/h2>\n\n\n\n<p>How do formidable companies lose their footing and fall into irrelevance\u2014or even cease to exist? And how can other companies avoid the same fate? These are the questions Jim Collins seeks to answer in the <a href=\"https:\/\/www.harpercollins.com\/products\/how-the-mighty-fall-jim-collins?variant=32207514927138\" target=\"_blank\" rel=\"noreferrer noopener\"><em>How the Mighty Fall<\/em><\/a> book. Backed by years of research into once-mighty companies, Collins contends there are five phases leading to a company\u2019s downfall: overconfidence, overreaching, ignoring the signs, overcorrecting, and surrendering.<\/p>\n\n\n\n<p>Collins is a business adviser and author of best-selling books like <a href=\"https:\/\/www.shortform.com\/app\/book\/built-to-last\/1-page-summary\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Built to Last<\/em><\/a><em> <\/em>(1994), <a href=\"https:\/\/www.shortform.com\/app\/book\/good-to-great\/1-page-summary\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Good to Great<\/em><\/a> (2001), and <a href=\"https:\/\/www.shortform.com\/app\/book\/great-by-choice\/1-page-summary\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Great by Choice<\/em><\/a><em> <\/em>(2011). In 2017, he was included in <em>Forbes<\/em>\u2019s list of the <a href=\"https:\/\/www.forbes.com\/sites\/abrambrown\/2017\/09\/19\/100-quotes-on-business-from-the-100-greatest-business-minds\/\" target=\"_blank\" rel=\"noreferrer noopener\">100 Greatest Living Business Minds<\/a>. <em>How the Mighty Fall<\/em> was published in 2009, but Collins completed work on it prior to the <a href=\"https:\/\/www.investopedia.com\/terms\/g\/great-recession.asp\" target=\"_blank\" rel=\"noreferrer noopener\">2008 financial crisis<\/a>; as such, his analysis doesn\u2019t take the effects of the Great Recession into account.&nbsp;<\/p>\n\n\n\n<p>In this guide, we\u2019ll discuss the five phases that lead to a company\u2019s decline. We\u2019ll then break down Collins\u2019s advice for resuscitating a faltering company. As the book was published in 2009, we\u2019ll also include updates on the companies he mentions and newer developments in the business landscape, as well as connecting Collins\u2019s ideas with concepts in his other books and examining the perspectives of other experts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-five-phases-leading-to-a-company-s-downfall\"><strong>The Five Phases Leading to a Company\u2019s Downfall<\/strong><\/h3>\n\n\n\n<p>Collins analyzes companies\u2019 performance through the lens of failure rather than success, arguing that <strong>understanding failure helps companies avoid it<\/strong>. To determine the causes of decline, he takes pairs of companies in the same industry, analyzes what the failed companies did differently from the successful ones, and determines what the failed companies had in common.&nbsp;<\/p>\n\n\n\n<p>Collins writes that companies don\u2019t fail overnight. Instead, they decline gradually in a process involving five phases:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Phase 1: Overconfidence&nbsp;<\/li><li>Phase 2: Overreaching<\/li><li>Phase 3: Ignoring\u2014or misreading\u2014the signs&nbsp;<\/li><li>Phase 4: Overcorrecting<\/li><li>Phase 5: Surrendering<\/li><\/ul>\n\n\n\n<p>Collins acknowledges that his work shows <em>correlation<\/em>, not causation\u2014he can only infer why companies failed based on their similarities. He adds that while the five phases are typical in the case studies he reviewed, companies that deteriorate don\u2019t necessarily undergo all phases, nor do they have to go through them in order. Still, companies should be aware of all the harbingers of failure to better guard against them.&nbsp;<\/p>\n\n\n\n<p>Here, we\u2019ll describe each of Collins\u2019s five phases in turn.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-phase-1-overconfidence\"><strong>Phase 1: Overconfidence<\/strong><\/h4>\n\n\n\n<p>The first phase of a company\u2019s decline is overconfidence. When companies become successful, <strong>some fall into the trap of believing they can do no wrong<\/strong> and that success can only breed more success.&nbsp;<\/p>\n\n\n\n<p>Overconfidence manifests in two ways: Either a successful company arrogantly goes full speed ahead with ill-advised projects, or it takes its focus away from its successful core business because it\u2019s distracted by shiny, new pursuits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-phase-2-overreaching\"><strong>Phase 2: Overreaching<\/strong><\/h4>\n\n\n\n<p>According to Collins, the second phase leading to a company\u2019s downfall is overreaching. This is when <strong>a successful company becomes obsessed with growth in all the wrong ways<\/strong>. Rather than pursuing steady, controlled growth in crucial areas like performance and people, the company falls into the trap of thinking that \u201cbigger is better\u201d and looks for ways to grow exponentially and rapidly\u2014even if it means veering away from the company\u2019s <a href=\"https:\/\/www.shortform.com\/blog\/core-purpose\/\">core purpose<\/a> or chasing after growth it can\u2019t sustain.<\/p>\n\n\n\n<p>Collins cites Ames Department Stores as an example of an overreaching company. Ames had seen impressive growth over three decades as a small-town retailer. In a bid to break into the urban market and increase the company to twice its size, Ames acquired Zayre, another department store chain. However, Zayre\u2019s business model and strategies didn\u2019t align with Ames\u2019s, and Ames quickly tried to pivot, moving away from the formula that had helped it succeed. The move led to the company\u2019s downfall: Ames went out of business in 2002.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-phase-3-ignoring-or-misreading-the-signs\"><strong>Phase 3: Ignoring\u2014or Misreading\u2014the Signs<\/strong><\/h4>\n\n\n\n<p>The third phase of a company\u2019s downfall is when it disregards signs of decline and makes reckless decisions with potentially disastrous consequences.<\/p>\n\n\n\n<p>Companies generally don\u2019t collapse overnight. Collins writes that there are warning signs when a company is deteriorating, such as fewer customers and lower profits. However, instead of facing problems head-on and pinpointing internal causes of decline, leaders might respond by <strong>blaming outside factors<\/strong> like an economic slump, or by <strong>choosing to interpret inconclusive data with an overly optimistic eye<\/strong>.<\/p>\n\n\n\n<p>Turning a blind eye to the subtle markers of trouble, a company\u2019s leaders might then take big risks\u2014ones that could have catastrophic consequences for the company if they don\u2019t pay off. Collins again cites the example of Motorola, which started developing Iridium, a satellite phone, before cellular phones exploded onto the scene. The arrival of the cellphone should have given Motorola pause. The evidence was clear: Cell phones were sleeker, cheaper, and offered better coverage than satellite phones. But the company chose to believe that there was still a need for satellite phones and went full speed ahead, funneling $2 billion into the project. In the end, the all-or-nothing bet didn\u2019t pay off, and Motorola filed for bankruptcy.<\/p>\n\n\n\n<p>Aside from careless risk-taking, a company in denial might also undergo reorganization\u2014sometimes multiple times\u2014<strong>favoring cosmetic changes that don\u2019t address the real issues over substantive action<\/strong>.<\/p>\n\n\n\n<p>For example, Collins writes that Scott Paper Company, once the leader in the toilet paper market, restructured three times in four years as a response to Procter &amp; Gamble (P&amp;G) gaining ground with its own brand of toilet paper.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-phase-4-overcorrecting\"><strong>Phase 4: Overcorrecting<\/strong><\/h4>\n\n\n\n<p>Whereas leaders can brush off problems or look at data through rose-colored glasses in the third phase, they eventually have to face reality when the situation gets noticeably worse. This is the fourth phase, writes Collins: Leaders can no longer deny that the company is in trouble, and they scramble for a quick way to stop the decline. Collins explains that this reaction is borne out of instinct\u2014<strong>we make desperate moves when we\u2019re fighting to survive.<\/strong><\/p>\n\n\n\n<p>Collins writes that in this phase, companies pin their hopes on a savior. This may come in the form of an outsider who\u2019s brought in to fix things or an overhaul of the company\u2019s approach to business.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-new-people\">New People<\/h5>\n\n\n\n<p>The company might hire consultants or, with much fanfare, bring in a maverick chief executive from the outside, with the hope that new blood will bring fresh ideas to reinvigorate the company. However, Collins argues that hiring an outsider rarely works out.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-new-strategy\">New Strategy<\/h5>\n\n\n\n<p>Another quick fix that a company might attempt is changing its strategy. It might go through another round of restructuring, implement a culture makeover, launch a buzzy new product, or make a hasty acquisition. If all else fails, a company might pin its hopes on a buyout.<\/p>\n\n\n\n<p><strong>Often, a company\u2019s dubious rescuer is a combination of people and strategy.<\/strong> Collins gives the example of Hewlett-Packard (HP), which went through a rough patch in the late \u201990s. To turn things around, the company tapped Carly Fiorina to be its CEO. Collins characterizes Fiorina as a media darling who made sweeping changes to the company, including coming up with a bold new vision for HP, restructuring, and making a major acquisition. After HP performed poorly during her six-year tenure, Fiorina was fired.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-phase-5-giving-up\"><strong>Phase 5: Giving Up<\/strong><\/h4>\n\n\n\n<p>Collins writes that drastic moves in the fourth phase can lead to improvements in the company\u2019s performance, but any positive change is usually short-lived. Instead, the dramatic changes that the company implements often result in confusion and strained finances: As a company pivots its vision and strategy, employees no longer know what the company stands for. More significantly, as the company pours resources into initiatives that are likely to fail, it further weakens its financial position. Thus begins the fifth phase: <strong>giving up, either because the leaders believe it\u2019s the best option or because the company has run out of resources to keep going.&nbsp;<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-when-to-give-up\">When to Give Up<\/h5>\n\n\n\n<p>Collins argues that a company should keep fighting and find any means to get back on the long road to recovery. But he also writes that there is one situation when a company should surrender: when its existence no longer serves a purpose.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-turn-things-around\"><strong>How to Turn Things Around<\/strong><\/h3>\n\n\n\n<p>Collins contends that if a company still has a worthy goal and the potential to make a meaningful impact, it should commit to putting in the time and effort required to recover and rise. Collins emphasizes that <strong>reversing decline isn\u2019t about looking for a miracle cure<\/strong> (such as a savior CEO or a revolutionary new product) but about playing a long, steady game.&nbsp;<\/p>\n\n\n\n<p>Here, we outline what Collins prescribes for a floundering company: putting the <a href=\"https:\/\/www.shortform.com\/blog\/hiring-the-right-people\/\">right people<\/a> in place, sticking to what your company does best, and being disciplined.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-put-the-right-people-in-place\"><strong>Put the Right People in Place<\/strong><\/h4>\n\n\n\n<p>As we earlier discussed, having the wrong people can plunge a company into decline. But what qualities make the \u201cright\u201d people?<\/p>\n\n\n\n<p>First, <strong>key people should be a good cultural fit<\/strong>. Collins argues that companies should only hire people whose values are already aligned with those of the company. Trying to fit people into a mold leads to decisions that don\u2019t fit in with the company\u2019s core purpose. In contrast, those who already believe in the company\u2019s mission are more likely to be passionate about their role, which fuels them to keep going through difficult times.<\/p>\n\n\n\n<p>Second, Collins writes that <strong>key people should be responsible<\/strong>. They should know what their role is, be committed to doing it to the best of their ability with minimal supervision, and take accountability when things go wrong.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-stick-to-what-you-do-best\"><strong>Stick to What You Do Best<\/strong><\/h4>\n\n\n\n<p>As we discussed earlier, one of the key drivers of decline is when a company ignores its flywheel\u2014the core business that made the company successful in the first place. Collins says that you should keep pushing that flywheel as long as you\u2019re passionate about it and it can still serve its purpose. This doesn\u2019t mean that you shouldn\u2019t innovate\u2014just that any innovation should remain within the area you\u2019re already good at.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-be-disciplined\"><strong>Be Disciplined<\/strong><\/h4>\n\n\n\n<p>Collins stresses the importance of adhering to time-tested management principles as soon as you realize your company is in a state of decline. He recommends reviewing the work of experts like Peter F. Drucker and Michael Porter to brush up on the foundations of management.<\/p>\n\n\n\n<p>One proven management principle that Collins emphasizes is calmly and rationally evaluating business decisions. He writes that you should carefully weigh risks and <strong>only bet on something if it isn\u2019t big enough to sink the company if things don\u2019t work out<\/strong>. This means not going all-in on an idea that <em>may<\/em> turn things around quickly while exposing the company to catastrophic risks.&nbsp;<\/p>\n\n\n\n<p>Collins says that strong companies should be disciplined as well. This means staying the course and keeping an eye out for the warning signs of deterioration: The earlier you recognize that the company is in trouble, the sooner you can get back on course.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why do so many companies crack under pressure? How can a floundering company recover? While Jim Collins&#8217;s book How the Mighty Fall is a warning to companies that have grown complacent, it also serves as motivation for those in the throes of decline. Collins says that by staying vigilant about the threat of failure, you can rechart your course, keep pushing forward, and ensure your company&#8217;s survival. Read below for a brief How the Mighty Fall book overview.<\/p>\n","protected":false},"author":14,"featured_media":112670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,45,14],"tags":[1260],"class_list":["post-112815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-business","category-management","tag-how-the-mighty-fall","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the Mighty Fall: Book Overview and Takeaways - Shortform Books<\/title>\n<meta name=\"description\" content=\"In his book How the Mighty Fall, Jim Collins aims to help companies that are at risk of failing. Read more in our brief overview.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the Mighty Fall: Book Overview and Takeaways\" \/>\n<meta property=\"og:description\" content=\"In his book How the Mighty Fall, Jim Collins aims to help companies that are at risk of failing. Read more in our brief overview.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-15T13:53:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-15T19:45:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2023\/09\/notebook-with-glasses.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1003\" \/>\n\t<meta property=\"og:image:height\" content=\"662\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Katie Doll\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Katie Doll\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/\"},\"author\":{\"name\":\"Katie Doll\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/c3e1b539e89423b544ede91ab2bff937\"},\"headline\":\"How the Mighty Fall: Book Overview and Takeaways\",\"datePublished\":\"2023-09-15T13:53:00+00:00\",\"dateModified\":\"2023-09-15T19:45:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/\"},\"wordCount\":1947,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2023\/09\/notebook-with-glasses.jpg\",\"keywords\":[\"How the Mighty Fall\"],\"articleSection\":[\"Books\",\"Business\",\"Management\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/\",\"name\":\"How the Mighty Fall: Book Overview and Takeaways - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/how-the-mighty-fall-book\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2023\/09\/notebook-with-glasses.jpg\",\"datePublished\":\"2023-09-15T13:53:00+00:00\",\"dateModified\":\"2023-09-15T19:45:46+00:00\",\"description\":\"In his book How the Mighty Fall, Jim Collins aims to help companies that are at risk of failing. 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