In an earlier interview with The Smart Manager, Rita McGrath, author of The End of Competitive Advantage, said, “In organizations, we always think the sins of commission are the ones that might be punished. In smart companies in the future, we are also going to think about sins of omission—not taking the appropriate chances or pursuing the appropriate opportunities for the future.” Consciously looking for opportunities and leveraging the best among them defines the path to survival in the long term.
A few years ago, Professor J Bruce Harreld of Harvard Business School studied businesses around the world of all sizes, in all sectors. Remarkably enough, he found that ‘only 1.7 percent’ of companies last more than 40 years. That is only half the typical human lifespan. How long should companies be able to live? Theoretically, forever. Why do they die so young?
all opportunities have a life cycle
Just as products have a lifecycle, so do opportunities. While some can remain relevant for decades, others fizzle out in only months or years. These days, even iconic consumer products such as Coca-Cola are grappling with irrelevance.
All companies constantly invest in new opportunities, both to replace those facing irrelevance, as well as to create new growth. The Harvard study found that while all corporate leaders are constantly on the lookout for great new opportunities, most fail to capture them.
Why? Because they go about this task incorrectly. The business graveyard is littered with the memories of once great companies that failed to overcome the forces of irrelevance. Remember Polaroid, or Kodak? Remember Nokia, or Blackberry? I could go on and on.
On the other hand, we constantly witness vibrant new companies popping up, seemingly out of nowhere, who make it big by taking full advantage of mammoth new opportunities.
opportunities are like powerful magnets
In my bestselling book Master Opportunity and Make it Big, I provide the lessons garnered by eighteen Indian entrepreneurs who started with nothing and leveraged huge opportunities to create iconic businesses. People such as Subhash Chandra, Uday Kotak, Harsh Mariwala, and Nirmal Jain.
Bu hikaye The Smart Manager dergisinin September - October 2018 sayısından alınmıştır.
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Bu hikaye The Smart Manager dergisinin September - October 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
… technology will radically disrupt HR in the near future. Indeed, it is already changing the way HR works and the role it plays and opening the door to a new type of “digital HR” function.1 The rise of digital and social media is changing the dynamics of HR and creating new ways of hiring, engaging, and retaining employees.
The Story Of Telling
“The best brands are built on great stories,”* this remark by Ian Rowden best captures the strategy of diligent brand building. Much more than attractive logos or the products themselves, what builds a brand is how successfully a story is woven around it. Brand marketers have to be good storytellers indeed.
Complexity Is Simpler Than You Think
Kay Kendall and Glenn Bodinson, authors of Leading the Malcolm Baldrige Way, shatter myths about excellence models such as Baldrige and EFQM.
Proponents of Isolation Never Become Victors
Multilateralism in the political and economic space has always led to frameworks that favor the mighty. WTO was no exception. With agriculture kept out of its purview, it could never become a truly fair and free trading system. China was the only large emerging economy that exploited relative openness in low-cost manufactured goods to take full advantage of the system. Other emerging economies could at best garner minor gains.
A History Lesson (From Year One) for Trump and the Brexit Crowd: Isolationism Has Never Worked!
Professor Stephane Garelli on growing isolationism.
A Win-Win Game
Business is not a sport where some stakeholder has to lose or fare badly for others to do well. Building an atmosphere of trust and transparency between all stakeholders will help companies retain them even during adverse times.
A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
Custom Made
…three in four consumers said they receive too many emails from brands, and one-fifth said they could not handle the current volume…69 per cent have ‘unfollowed’ brands on social media, closed their accounts or cancelled subscriptions.*In these times, when the market is flooded with products and services, the most efficent way to engage customers is to offer them customized content. To achieve this, brands need to focus on observing the nuances of individual preferences.
