The Economist says “Alongside Paul Kearney, a lieutenant-colonel in the Royal Marines, Professor James has been studying the operations of the pirates, as well as insurgents in Afghanistan and Iraq, to see if they have anything to teach legitimate firms.
The threat to life and liberty aside, Somali pirates’ business model is impressive. According to the professor, each raid costs the pirates around $30,000. On average one raid in three is successful. The reward for a triumphant venture, however, can be in the millions.” [Link]
“The operations of Somali pirates,”
“Is impressive,” Prof James narrates.
“Their superior model of business
Makes them instant millionaires.”
MBAs: Don’t you have it in your best practices?