I have recently been reading about the stories in relations to a lady named Elizabeth Holmes who was recently found guilty in relations to her company Theranos for defrauding investors as the company’s product never was able to do what it promised but she still managed to convince wealthy people that she was the real deal. She was considered an icon too apparently back then as people compared her to Steve Jobs.
So after all this there were a few articles talking about what are the lessons to be learned here in regards to doing due diligence on a business? One point that caught my attention was how people talked about the dangers of a group think mentality where essentially even if someone sees that something is wrong they will still go with it as the other nine of ten people don’t see an issue.
With that in mind it was expressed how things will probably never change in that aspect where this will simply be a cycle that keeps on repeating because of it. That is true in many ways. For example, imagine sitting in a room with five influential leaders in an industry where you even saying anything that would imply they are wrong would create the risk of them alienating you afterwards. Most people would never do that and will simply follow along to stay on their good side.
So is this simply one of those harsh realities where more people are inevitably going to get scammed in the exact same way again in the future as a result of group think?