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Top 8 Worst Business Decisions of All Time

From “the Fourth Industrial Revolution” to “Internet 2.0”, crypto bulls are calling for a future where betting on blockchain will pay off massively. From small businesses worldwide to numerous Fortune 500s, numerous individuals and enterprises are beginning to place their bets.

However, many others have scoffed at blockchain, calling it a fad and a bubble. If the bulls prove right, these skeptics are going to look back at what has perhaps been the worst decision of their careers. To see just how bad of a mistake, let’s take a look at eight of the worst decisions businesses have made up until now:

#8 Mars rejects ET

Steven Spielberg’s ET was a blockbuster hit that took America by storm, winning numerous awards and becoming an instant classic. For whatever reason, Mars didn’t expect such a reception. When given an opportunity to place candy in the movie, the company declined.
Reece’s Pieces, however, was not such a stranger to the friendly alien. The company agreed to pay US$1 million for product placement in the movie, which translated into $20 million worth of exposure. Tough luck!

#7 Decca turns down Beatles

When the Beatles were looking for a producer, Decca Records had no interest. Dick Rowe of Decca claimed that “guitar bands are on their way out”, and didn’t see much value in giving the Beatles a shot.

The Beatles signed with Parlophone instead, granting the record label with around 200 million combined sales of albums and singles as they entrenched their position as the greatest band of their time.

#6 Motorola not smart with their phones

Motorola’s Razr mobile phone led cellular markets with a market share of 22% in 2006. Sticking by their success, Motorola decided not to pursue the up-and-coming smart phone trend.

When they finally had reversed their position in 2010, they’d already lost hold of the market. In just three years, from February 2006 to February 2009, Motorola shares dropped 83%, from US$72 to just $12 a piece.

#5 Digging their own grave

In 2010, at the height of its popularity, Digg received an offer by Google of US$200 million for the then-popular social media site. Almost immediately after, a mass migration took place from Digg to a little known site called Reddit.

Just two years later, Digg lost much of their traction and the market as a whole. The company sold to Betaworks for $500k, just .25% of what had been offered two years prior.

#4 A Blockbuster no more

90s kid staple and worldwide movie and video game rental store Blockbuster was the most iconic victim of the mass migration to Netflix streaming services. Now just a fond memory, Blockbuster’s demise can be attributed to their rejection of a Netflix absorption.

For US$50 million, Blockbuster could have taken in the movie and TV streaming startup. Since saying no, Netflix has tripled to a valuation of over $150 million. Blockbuster, unfortunately, withered to nothing.

#3 A Yahoo D=decision

In 2008, the Yahoo search engine and website made major headlines with a buyout request from Microsoft for a whopping US$45 billion. The dotcom giant declined, and has endured a steady decline since.

Eight years later, Verizon bought out the core Yahoo businesses for just $4.8 billion. Thus ended a major decline since the pop of the dotcom bubble, a period in which Yahoo squandered tens of billions with failed decisions, and also passed on opportunities to purchase both Microsoft and Google.

#2 EDS: the trillion dollar company that never was

Electronic Data Systems (EDS) passed on an opportunity to purchase Microsoft in 1979. US$50 million, in their minds, was way more than a computer company could be worth.

Big mistake, EDS. Microsoft is now valued at $753 billion. Such a buyout would have netted a return on investment even greater than Bitcoin early adopters and angel investors have seen.

#1 Not Excited about Google

Excite, the internet portal you’ve never heard of, had an opportunity to buy Google for just US$750k in 1999. For a price equal to about 5 of the rarest Crypto Kitties, Excite could have bought out the conglomerate that controls every aspect of our lives.

Google is now worth $367 billion, which would have translated to gains of almost 500,000x. To be fair, though, Google sounds a lot better than Excite, so who knows if it would have worked out that way.

Check out this infographic by betway that shows the worst business decisions ever made:

worst biz decisions

Infographic Source: Betway

This is a sponsored article and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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A goodbye note from Deblock’s now-former Head of Research revealed the progress of their ICON blockchain project in all these months. And they looked extremely positive. As he left the company to pursue his startup, Markus Jun noted ICON as one of the very few blockchain projects that showed significant accomplishments despite staying inside a bleeding crypto market. “My time at Deblock and ICON coincided with one of the worst downturns in the cryptocurrency market. In spite of this, I can say that the ICON team has made incredible progress,” Markus wrote while asserting that their interoperable blockchain project till this date leads the South Korean blockchain industry. “I’ve seen ICON push for significant progress in legitimizing blockchain and cryptocurrencies with the Korean Government, receiving the Minister Award for being an industry leader in the blockchain space, and launching demonstrations and several projects in conjunction with the Seoul Metropolitan Government. I’ve seen several hires in every ICON department, including senior positions, most of which weren’t made public and the team is still actively hiring to this day.” Markus also brought focus to ICON’s international expansion stories, which included the launch of their global accelerator program ICONLOOP in partnership with the Singapore government, followed by its continuation in Tokyo and San Francisco. “Beyond this, there are ongoing efforts to expand ICX Station globally. All things considered, it’s clear that ICON isn’t letting the market downturn affect them in moving forward,” Markus explained. The said expansion is also bringing valuable partners to ICONLOOP. In addition to the Seoul government, ICON has gained support from LINE, Smilegate, Kyobo Insurance, and Jeju Island to develop blockchain solutions for them. It overall makes a long-term use-case for ICON’s ICX public network, indicating a stable growth for its native token ICX as well. Solvent after Crash At the time of the ICO, ICON’x ICX token sale raised close to 75,000 ETH. Their smart contract split the funds into 30 separate Ethereum wallets. Between December 2016 and November 2018, ICO team moved circa 70% of their funds to other portfolios – perhaps as part of a sale. After the post-ETH crash adjusments, the team holds around $5 million in ETH reserves. The figures prove that ICON is far from being insolvent at this time, in contrast to several other ICO projects that have either gone out of business or in a money crisis. Forrester Research’s chief analyst Martha Bennett predicts that a majority of these ICOs are heading towards an outright extinction in absence of users and funds. “Sooner or later, this would have led to a contraction anyway. The crypto crash acted as both catalyst and wake-up call.” Big crypto startups like Coinbase and ConsenSys have also laid off employees in the past two months, indicating that the crypto market, in general, is running out of money. ICON, with a provable business model and an increasing use-case among well-known organizations, could still survive the bloodbath owing to an actual demand for service. “I’ve seen the best of ICON in the worst of times. That’s why I’m confident ICON is here to stay,” Markus noted. The post In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress appeared first on NewsBTC.

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