A lot of companies begin to be innovative in their business approach, in today’s unsteady economy. Over the past years, companies faced challenging situation which cause a lot of business to close, some still struggle and only a few managed to survive. In today’s technologically world, lots of companies cannot adapt to the changing of global competition, skilled diverse people in the workforce, changes in business practice and innovation to gain more market share to increase profitability. Some companies close their doors while others lose talent; however, if managers and employees can work together to develop training plans, provide feedback, participate in new strategies and goals, success can be achieved within an organization. To accomplish business successful, leadership plays an important role in all decisions of higher management level. By not applying the best leadership skills, it will cause any organization or company, bankruptcy. It is crucial that new companies apply the correct plan and leadership skills to hit success.
Borders
Borders Group Inc. is an example of a business failure that occurred at a large organization in recent years. At its peak, Borders Group was one of the largest bookstore chains in the United States with as many as 1,249 Waldenbooks and Borders stores (Czurak, 2011). While the downfall of the firm culminated in a bankruptcy court-approved liquidation sale after filing for Chapter 11 bankruptcy in February of 2011, the issues leading up to the failure can be traced to definable causes (2011). As Czurak states (2011), “the handwriting had been on the wall for quite a long time, as Borders’ market value had fallen by $3 billion since 1998.” OB Theories & Failure Several organizations do not survive for many reasons such as administrative errors, irregularities in operations or also by the recession of economic cycles. Some of the reasons for the failure of Borders can be traced to industry related dynamics, issues...