#746 - Morgan Housel - 12 Unexpected Laws Of Human Psychology
Modern Wisdom
The downfall of Sears and the danger of losing competitive advantage
Competitive advantages eventually fade, even for successful companies like Sears, which once dominated the retail industry but lost its edge due to complacency and failure to innovate. As Sears grew, it stopped being scrappy and ignored competitors like Walmart, leading to bankruptcy. This pattern extends to individuals who strive for success to eventually relax, but once achieved, they often lose the drive that made them successful. Maintaining a fear of failure, like Sequoia's approach, is crucial to lasting success by never letting go of what initially made one successful.
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