Archive for the ‘Adaptability’ Category

Although “quitting” a failing project or business is often seen as a sign of failure, it is really a perfectly normal part of the creation-destruction process, and a necessary step in responding effectively to new knowledge and changing circumstances. Much has been written about the ossification of education – from K-12 up through graduate and professional schools – which in most major ways looks strikingly similar to the outdated education models that were created a century ago, if not earlier. As described in a 2008 McKinsey Quarterly article, resistance to change – and staying with a failing and/or outdated model – is a common problem in business too. A number of studies indicate that executives tend to stick with a losing project, business, or industry when clear signs indicate they should get out. I’ve outlined some of these finding below because these lessons apply as much to building and running a law […]