Gradually then suddenly
In our research for How the Mighty Fall, we found that the demise of once-great companies happens in five stages: (1) Hubris Born of Success, (2) Undisciplined Pursuit of More, (3) Denial of Risk and Peril, (4) Grasping for Salvation, and (5) Capitulation to Irrelevance or Death.
The first three stages all look and feel like winning.
Everyone's too busy celebrating the thing that's already eating them from the inside.
Then suddenly.