10 Commandments of Business Failure - Don Keough

Notes by Jason Shen (jashen@stanford.edu)

Don Keough was the President of Coca-Cola for a long time, and never really learned what made a business succeed. But he knows, and over the years given a talk, on how to be certain failure. These are his principles.

1) Quit taking risks.

Everyone knows - no risk, no reward. However, many people don't live it. You have to keep taking risks if you want a chance to succeed. 

2) Be inflexible.

Similar to the first - if you think you are right all the time, no one else is necessary. Staying rigid about your decisions is a quick way to lose. 

3) Isolate yourself.

When you aren't getting information outside your "inner circle" or outside your organization in general, you get out of touch with reality and you WILL fail. 

4) Assume infallibility.

Similar to Commandment 2 - don't ever think that you could make mistake. 

5) Play the game close the the foul line. 

6) Don't take time to think.

7) Put all your faith in experts and outside consultants.

8) Love your bureaucracy.

9) Send mixed messages.

10) Be afraid of the future.

11) Lose your passion for work - for life.