101 Dumbest Biz Mistakes

Posted on January 31, 2005 
Filed Under Uncategorized

Business 2.0 has a must-read article about dumb business mistakes.

My favs:

No. 3: Don’t you just love a guy who stands behind his product? Smith & Wesson chairman James Joseph Minder was forced to resign when newspaper reporters discover that, before becoming a corporate exec, he’d spent 15 years behind bars for a string of armed robberies and an attempted prison escape.

No. 1: Bike-lock maker Kryptonite finds out the U-shaped locks it’s been making can be picked with a Bic pen. Bloggers continued to rail at the company until it finally agrees to exchange the old locks for new ones, at an estimated cost of at least US$10 million.

No. 4: Michael Soden, Bank of Ireland CEO, issues a dictate: No porn surfing on the job. His next dictate: The IT department is to be outsourced to Hewlett-Packard. Shortly after the outsourcing deal goes through, IT staffers, now employed by HP, discover porn on Soden’s computer. Soden resigns, leaving the bank and HP scrapping over who should pay his severance, estimated at $5 million.

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