Yet, at present, business schools largely fail in providing rigorous, evidence-based teaching.
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Moreover, farmers do not generally face more risk than business owners in other sectors, nor do farms fail more often than other forms of business.
While there is some truth to each of these perspectives, all suffer from being ahistorical and fail to comprehend the motivation of business leaders in the United States.
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This is a business where more than one in twenty projects fail.
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This sometimes allows them to do something at which most people fail, but it also means they hardly ever hit the forecasts in their business plans.
There are no actual life-and-death scenarios in the business world, but that is not why business leaders regularly fail to adapt under pressure.
Having missed the mobile business as its x86-based mobile chipsets fail to gain much traction in the market, Intel will be well served if it manages to leverage its manufacturing prowess to become a major player in the growing foundries business.
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"Perhaps it will not fail within this year, but I don't think Sharp has a viable business in the next three to five years, " said Tetsuro Ii, chief executive of Commons Asset Management in Tokyo.
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It is that instead of Buffett lending that money to Bank of America and Goldman and any others he is propping up(which in my opinion should be allowed to fail and fail hard so as to prevent their business models from contaminating the economic picture ever again) is for him to use much less of it in a philanthropic manner.
Giving an interest in the business to a child who does not care about the business can cause that business to fail.
In so doing, they sometimes fail to build appropriate controls and leave existing managers overstretched: NatWest has built a sizeable derivatives business out of nothing in a handful of years.
In the small business discussion, Joe Stiglitz I think presented an economic case for how credit markets can fail and deny even good borrowers credit, and put forward some specific ideas about how we can get credit moving again.
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