From Tim Harford at ChangeThis: We cling on to the idea that successful busi­ness people are talented leaders running objec­tively bril­liant corpo­ra­tions. But the world is far too complex and changes far too rapidly for us to have any confi­dence that this fondly held idea is true. It’s easy to list corpo­ra­tions which have enjoyed periods of great success, only to stumble and fail to adapt: think of US Steel and Cudahy Packing a hundred years ago, Atari and Pan Am in the 1970s, and General Motors and MySpace more recently. Or think of eBay, McDonald’s, and the Nobel-prize winning Grameen Bank, which have suddenly sprung from nowhere, almost by acci­dent, because some­body happened upon a bril­liant idea. So does economic success happen despite busi­ness failure? I’d go further than that. Economic success happens because of busi­ness failure. It’s the failure of once-domi­nant compa­nies that makes space for new busi­ness ideas. · Go to Adapt: The bene­fits of safe mistakes →