Forbes® Best Business Mistakes: How Today's Top Business Leaders Turned Missteps into Success

Part I. Legends and Gurus

There are many business leaders with significant accomplishments and stories that deserve respect, so how do you define a legend or guru?

For the purposes of this book, it's kind of a Hall of Fame based on accomplishments and reputations established in the business world (as opposed to still working on it). No one could deny that Jack Welch belongs, or Jack Bogle, who created an investment product virtually every investor has utilized. The folks here wouldn't have to work another day and they'd still be known for something they've done or accomplished.

I've also included Wall Street gurus who have made their reputations on the Street. They might even still be plying their trade (or trades), but will always be known for their accomplished financial wizardry, either over the long haul or at a memorable time in the nation's financial history (like Robert Prechter predicting the 1987 crash). Peter Lynch, with his phenomenal record running Fidelity's Magellan Fund, is certainly a guru, right? And that must mean that Bill Gross of the Pacific Investment Management Company (PIMCO) is as well, since he's often called the Peter Lynch of bonds. You get the gist.

The participants here all draw on a wealth of information and experience that is valuable to those of us with much to learn. You can argue over the inclusion of any particular individual, and many other business leaders in this book could have been added to this group, but frankly the book's chapters would be ...