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Insights for Leaders and Teams
Welcome to the new format of The Carter Reports Growth Newsletter!
Each week, I will bring you insights, practical strategies, and must-know updates to help your business thrive. Let’s kick things off with a powerful thought: The businesses that will win in 2025 are those that adapt faster than the market changes. Are you ready to stay ahead?
Realize that everything connects to everything else. Put a real strategy together to drive what you’re looking for!
David Paul Carter, The Clarity Guy™
Table of Contents
The Ten Commandments of Business Failure
“I like to study failure… we want to see what has caused businesses to go bad." Warren Buffett
Berkshire Hathaway recently hosted its annual shareholder meeting, drawing an incredible crowd of around 40,000 investors. One thing that didn’t get a lot of buzz — but I think is worth highlighting — was the list of recommended reading that Berkshire quietly handed out. It included 27 books covering everything from the company itself to business and life lessons.
What really struck me about this list is the reminder it carries: the best leaders are, first and foremost, curious and constant readers. You can check out the full list here, but one title that jumped out at me was The Ten Commandments for Business Failure by Don Keough. It’s a gem, and I’ll share a bit more about it here.
Reverse Analysis
Most business schools love to teach us the ingredients for success. But some of the world’s best leaders take a different approach — they like to flip things around. Instead of just asking, what makes a business great? they ask, what causes businesses to fail? Looking at it this way can help you avoid costly mistakes and also spot businesses that are truly worth your time and attention.
A great place to start is with Don Keough’s classic book, The Ten Commandments for Business Failure. Keough, who studied philosophy, was the former CEO of Coca-Cola and served on the Berkshire Hathaway board. The book even has an introduction by his longtime friend, Warren Buffett.
Keough makes a sharp observation: “A company doesn’t fail to do anything. Individuals do.” When you dig a little deeper, he says, it’s rarely just a list of strategy mistakes that bring a business down — it usually comes back to the leaders themselves. As Keough puts it, borrowing from Shakespeare, “the fault lies… in ourselves.”
What’s refreshing about Keough’s commandments is they aren’t some flashy new management theory — they’re just good common sense. As Keough puts it, “Show me a failed business, even one built on the latest wikinomics, and I’ll bet their leaders broke more than one of these rules.” And once you take one wrong step toward failure, if you don’t catch it, it can be the start of a slippery slope.
I’ve listed Keough’s Ten Commandments here and added a few of my own thoughts along the way…
Read the full article on my blog: The Ten Commandments of Business Failure
Market Pulse
CONSUMER TRENDS:
Consumers are still spending, but with sharper priorities. There's a rise in “value-conscious premium” purchases — think affordable indulgences like mid-tier travel, self-care, and functional wellness. Brands that offer both value and meaning are winning.
TALENT & WORKPLACE:
The return-to-office debate is heating up again, but flexibility still rules. High performers continue to prioritize autonomy, growth, and purpose over perks. Companies that invest in leadership development and a culture of trust are retaining their top talent.
Exclusive offers
Free Start-Stop-Keep Planning Survey – I have found that a very simple, pragmatic and impactful tool can help you and your leadership team frame planning discussions. This tool is the Start-Stop-Keep Survey developed by the Gazelles organization. Download Your Survey (instructions included).
Recommended Resources
Book: The Five Dysfunctions of a Team – Equal parts leadership fable and business handbook, this definitive source on teamwork by Patrick Lencioni reveals the five behavioral tendencies that go to the heart of why even the best teams struggle.
Podcast: Masters of Scale – Business leaders share their growth stories, lessons and strategies.
Tool: Notion – A powerful organizational tool for business owners.
Closing Thought
The best investment you can make, is an investment in yourself... The more you learn, the more you'll earn. Warren Buffett
My goal with The Carter Reports is to help you and your leadership team find your clarity on business and personal growth, and to gain access to what’s working in business right now.
The businesses that will win in the next 6 months are the ones balancing agility with intention — leveraging smart tech, tightening cash controls, and leading with clarity and culture.
What’s your biggest business challenge right now? I’d love to hear from you! Also, if you found this valuable, please share it with a fellow business owner.
Looking forward to helping you build a thriving business in 2025!
David Paul Carter
The Carter Reports Newsletter
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