Most companies that fail over time do so because of a series of modest mistakes made by generations of management. Markets shift and corporations are slow to adapt. Strategic acquisitions, which could change a company's future for the better, are ignored or passed up. And, perhaps most common of all, a company begins to decline because it loses the creative spark of its founder or the input of employees that are the company's creative engine.
The firms on the 24/7 Wall St. list of companies that will never recover from their mistakes are all still in business. Each firm was a leader in its industry, if not the leader, but made a critical error or errors that destroyed their chance to have a brighter future.
For want of a nail, the kingdom was lost.