What Are Some Real-World Examples of Groupthink in Business?
Several high-profile business failures have been attributed to groupthink: - Enron Scandal: The company’s leadership team ignored warning signs and rationalized unethical practices. - Kodak’s Decline: Kodak’s failure to embrace digital technology was partly due to a lack of diverse thinking and overconfidence in their existing business model. - Blockbuster’s Fall: Blockbuster’s leadership dismissed the potential of digital streaming, leading to their eventual downfall.