Among the tests of a leader, few are more challenging--and more painful--than recovering from a career catastrophe. Most fallen leaders, in fact, don't recover. Still, two decades of consulting experience, scholarly research, and their own personal experiences have convinced the authors that leaders can triumph over tragedy--if they do so deliberately. Great business leaders have much in common with the great heroes of universal myth, and they ca...

How can you plan for every crisis that might occur, even for ones you can't imagine? The authors' 20 years of research shows that three out of four Fortune 500 companies are prepared to handle only the types of calamities they've already suffered, and not even all of those. That's unfortunate because the research also shows that the crisis-prepared companies fare better financially, have stronger reputations, and ultimately stay in business longe...

This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. High-definition televisions (HDTVs) should, by now, be a huge success. Philips, Sony, and Thompson invested billions of dollars to develop TV sets with astonishing picture quality. From a technology perspective, they've succeeded: Console manufacturers have been re...

When corporate leaders or the organizations they represent mess up, they face the difficult decision of whether to apologize publicly. A public apology is a risky move. It's highly political, and every word matters. Refusal to apologize can be smart, or it can be suicidal. Readiness to apologize can be seen as a sign of character or one of weakness. A successful apology can turn enmity into personal and organizational triumph--whereas an apology ...

This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. It's no easy task to identify strategies for entering new international markets or to decide which countries to do business with. Many firms simply go with what they know--and fall far short of their goals. Part of the problem is that emerging markets have "institu...

This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. With emerging markets like China and politically unstable countries like Saudi Arabia figuring more than ever into companies' investment calculations, business leaders are turning to political risk analysis to measure the impact of politics on potential markets, mi...

During the past 15 years, companies have flocked to a handful of cities in India and Eastern Europe for offshore service functions. As a result, the most popular sites are now overheating: Demand for young professionals is outstripping supply, wages and turnover are soaring, and overburdened infrastructure systems are struggling to serve the explosive growth. The happy news is that the tight labor markets in the well-known hot spots are the excep...

New research from McKinsey suggests what the inevitable shakeout in the venture capital industry heralds for the broader business community.

Despite the popular image of entrepreneurs as risk-loving cowboys, the reality is that great entrepreneurs don't take risks-they manage them. The authors counsel managers to recognize that not all risks are created equal: When you're launching a new venture, first consider deal-killer risks that, if left unexamined, could kill the whole business. Next tackle the risks that could sabotage the project if it took a path you're not currently anticipa...

What executive hasn't dreamed of transforming an organization by achieving seemingly impossible goals through sheer force of will? Indeed, in countless business narratives, the practice of setting such objectives has been celebrated as a key source of achievement. But in practice, stretch goals rarely work out, the authors' research shows. Consider Yahoo. When Marissa Mayer took the helm of the ailing internet giant, in 2012, she announced a numb...