Walmart is not arrogant. We could go away at any minute. I think most of us act that way every day. If you're not willing to fail - and we are failing at some things - you're going to go away.
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If you don't give people a chance to fail... you won't innovate... if you wanna be an innovative company allow people to make mistakes.
One area where I think we are especially distinctive is failure. I believe we are the best place in the world to fail (we have plenty of practice!), and failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it's going to work, it's not an experiment. Most large organizations embrace the idea of invention but are not willing to suffer the string of failed experiments necessary to get there.
I think the environment has become more competitive. That has made Indian industry more concerned with a) its customers, b) the quality of its products, and c) its brand image in the marketplace.
The strong live and the weak die. There is some bloodshed, and out of it emerges a much leaner industry, which tends to survive.
Enlightened business is learning that competition ought not to cause bad social consequences which inevitably react upon the profits of business itself.
Every morning when we get up, we relish the day's upcoming battles. They keep us alive, and they keep Bloomberg's corporate family thriving. We can't wait for tomorrow. Who says we can't do that? What do you mean they'll beat us? Have them put on their boxing gloves, and send them into the ring. We're ready!
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