A wise man once said that those who fail to learn from history are doomed to repeat it.Entrepreneurs will need every drop of hard-earned wisdom to navigate the coming year — by all accounts, a challenging one, with a deepening credit crisis and potential recession.
With those dangers and the above adage in mind, we canvassed the last four centuries for the biggest business blunders of all time, in terms of wealth destroyed and opportunity lost.
The stories span industries from technology to real estate. Market miscalculations, short-term thinking and rotten ethics are the broad themes. Taken together, the collective devastation of these miscues in current dollar value creeps into the trillions.
To be fair, some of these blunders were more unforeseen — and the blunderers more naturally disadvantaged — than others.
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It is interesting that this article has emerged during this point in time. With the market down and oil prices only increasing, entrepreneurs are certainly not emerging from every street corner. Even with the recent interest cut by the Fed, many are reluctant to take that risk due to inflation and the general aggregate surplus after the past expansion. Hopefully, the author will not have another business blunder come from this volitale market.
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