{"id":576778,"date":"2020-07-03T07:00:53","date_gmt":"2020-07-03T07:00:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/03\/the-worst-business-decisions-in-history\/"},"modified":"2020-07-03T07:00:53","modified_gmt":"2020-07-03T07:00:53","slug":"the-worst-business-decisions-in-history","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/03\/the-worst-business-decisions-in-history\/","title":{"rendered":"The worst business decisions in history"},"content":{"rendered":"

The worst business decisions in history:<\/strong> These are the people who clearly weren\u2019t cut out for the world of business. Some of these may have seemed like a good idea at the time while some were born of stubbornness. Others were made by people whose synapses just weren\u2019t firing correctly.<\/p>\n

Edwin Drake: The inventor who most people have never heard of but who should be standing at the summit of the oil industry.<\/strong> Drake was the brains behind one of the most revolutionary technologies in history, drilling the first ever oil well in 1859<\/a> and birthing the multi-tn USD industry we know today. His drill-pipe enabled companies to drill into the ground for the first time instead of gathering oil from surface seeps. Unfortunately, Drake was never to realize his fortune: he failed to patent the drill and spent a decade in poverty before being awarded a state pension.<\/p>\n

Patents don\u2019t always save you from disaster, as Kodak learned the hard way.<\/strong> The US camera giant patented the first digital camera back in 1975<\/a>, but in what Forbes terms a \u201cstaggering corporate blunder\u201d<\/a>, they twice refused to mass produce the new product, blinded by its film sales. \u201cThey were convinced that no one would ever want to look at their pictures on a television set,\u201d the inventor of the revolutionary technology said at the time<\/a>. When the digital age caught up with the photography industry, it was too late for Kodak. The company failed to keep up with the revolution and filed for bankruptcy in 2012.<\/p>\n

Others can\u2019t see a good idea when it hits them in the face:<\/strong> If it wasn\u2019t so enamored with the telegraph, Western Union could have had a monopoly on the defining technology of the early 20th century: the telephone. Instead, they rejected<\/a> Alexander Graham Bell\u2019s offer of USD 100k for the patent, calling it an \u201cidiotic\u201d invention. According to them, Bell\u2019s idea to install a telephone in every city was \u201cbased on wild-eyed imagination and lack of understanding of the technical and economic facts of the situation, and a posture of ignoring the obvious limitations of his device, which is hardly more than a toy.\u201d Smfh.<\/p>\n

One internet company passed on Google acquisition for under USD 1 mn:<\/strong> At the turn of the millenium, Excite was one of the biggest things on the web. They had the opportunity to become something a whole lot bigger when it met with Google founders<\/a> Larry Page and Sergey Brin in 1999. Astonishingly, they turned down the chance of purchasing the young search startup for just USD 750k. Google has since risen in value to over USD 1 tn<\/a>, while Excite became an internet nobody just a few years into the new millennium.<\/p>\n

Netflix had a similar encounter<\/strong> when Blockbusterpassed on an offer to buy the new on-demand service<\/a> for only USD 50 mn back in 2000. Blockbuster general counsel Ed Stead said at the time that Netflix\u2019s business model wasn\u2019t sustainable and would never make money. Little did he know that Blockbuster would later fit that descriptor to a tee when it filed for chapter 11 bankruptcy in 2010.<\/p>\n

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The worst business decisions in history: These are the people who clearly weren\u2019t cut out for the world of business. Some of these may have seemed like a good idea at the time while some were born of stubbornness. Others were made by people whose synapses just weren\u2019t firing correctly. Edwin Drake: The inventor who […]<\/p>\n","protected":false},"author":1,"featured_media":576779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10472],"tags":[3395,1760,2604,1143,3536,640,681,6292],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-worst-business-decisions-in-history","tag-alphabet","tag-coca-cola","tag-enterpriseyourwealth","tag-google","tag-harry-potter","tag-netflix","tag-pepsico","tag-the-worst-business-decisions-in-history","wpautop","entry"],"acf":{"mongo_id":"a6255961-8c2d-49da-a24b-a2025c9756b7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/338.jpg","photo_position":"above","related_issue":[576773],"teaser":"","voice_url":""},"yoast_head":"\nThe worst business decisions in history - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/03\/the-worst-business-decisions-in-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The worst business decisions in history\" \/>\n<meta property=\"og:description\" content=\"The worst business decisions in history: These are the people who clearly weren\u2019t cut out for the world of business. 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On Behindthe Bastards, host Robert Evans unpacks everything we know (and don\u2019t know) about infamous or controversial figures across the history of mankind, from dictators to cult leaders \u2014 and people you didn\u2019t even know about \u2014\u2026","rel":"","context":"In "WHAT TO LISTEN TO"","block_context":{"text":"WHAT TO LISTEN TO","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-to-listen-to\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630721,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/30\/ukraine-marks-chernobyl-disaster-anniversary-with-new-solar-power-plant\/","url_meta":{"origin":576778,"position":1},"title":"Ukraine marks Chernobyl disaster anniversary with new solar power plant","author":"enterpriseam admin","date":"30 April 2018","format":false,"excerpt":"The site of the world's worst nuclear accident is now home to a solar power plant, BBC reports. Marking the 32nd anniversary of the Chernobyl disaster, Ukraine\u2019s Evgeniy Variagin has built a small solar power plant alongside the old reactor, which exploded in April 1986, causing what is now considered\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1626.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621993,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/what-were-tracking-on-25-november-2018\/","url_meta":{"origin":576778,"position":2},"title":"What we\u2019re tracking on 25 November 2018","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"** NEW SECTION: What\u2019s driving the conversation for the government today? We\u2019re launching this morning a new section appearing just before Egypt in the News that dissects the front pages of the nation\u2019s three major state-owned dailies (Al Ahram, Al Akhbar and Al Gomhuria) for cues on the messages being\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/655.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576780,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/03\/the-worst-ideas-weve-ever-had\/","url_meta":{"origin":576778,"position":3},"title":"The worst ideas we\u2019ve ever had","author":"enterpriseam admin","date":"3 July 2020","format":false,"excerpt":"History is replete with terrible ideas: For every Gutenberg press there is a Smell-O-Vision, and for every steam engine there is a collateralized debt obligation. 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