Necessity to survive

Updated on: Saturday, December 10, 2011

'CHANGE,' whether we like it or not, whether it is pleasurable or painful, whether it is driven by innovation or competition, has become a necessity in todays economy. Indeed, forces of globalisation, new markets, new opportunities, new competition, simply force companies and managers towards change.

In a new global environment (which looks like a visionary plot between economists Ricardo and Schumpeter), new entrants crush old models and do so at an ever-increasing path. Just as an exercise try to cite which company has lead of the mobile handset industry in the last 10 years: Nokia, LG, Apple, or Samsung? Now count how many contenders have disappeared.

Innovation is namely the main driver for change and survival of the fittest. One should look at innovation in all its forms: technology, new business models or resource management, constant improvement in processes or new ways to motivate personnel, and so on.

Yesterday, innovation was a long-term investment, today it has become an absolute necessity to survive; tomorrows winners may be leaders, who will embrace innovation levers and use them to serve higher values and goals for society as a whole.

New business environments

An entrepreneur looking for new opportunities is always on alert scanning his environment for change signals. Whether there are regulatory, market or consumer trends, observed dissatisfaction, success and failures. Those signals are always indicative of opportunities. Now, in a globalised world, only a few can encompass the complexity of all those signals and turn opportunities into actions. This is why and alliances develop throughout the world, for instance, the one ESSEC business school has developed with other academic institutions. ESSEC is partnering with the University of Mannheim Business School (Germany), Tuck School of Business at Dartmouth (US), School of Management, Fudan University (China) and Keio Business School (Japan), and will use a multicultural, multi-school approach to engage academics, policy-makers and corporate leaders in addressing key issues at the intersection of business and society.

The council will create a multi-school process to study a series of critical issues facing business and society, organise an annual international forum for dialogue, and develop and disseminate educational materials designed to foster continuing debate on the issues. Combining the expertise of faculty members from each of the partner schools with that of representatives of business, government, and NGOs from around the world will lead to unique insights and initiatives.

Uncertainty and success

In the last few years, a new trend has emerged in the field of entrepreneurship mentoring: throw your business plan and flush the toilet, bootstrap weekends have flourished, speed-meetings with experts, power-pitch presentations; condensed mentoring through entrepreneurs or investors.

My advice to budding entrepreneurs would be go on, keep on the good buzz but do not forget fundamentals even though they might be less exciting: listening to customers, careful business planning, structured go-to market approach, fund-raising and more generally long-term strategy. Above all, observe what others are doing, know your competitors more than they know themselves.

My advice would, therefore, be do your homework, dont throw away the good old tools, this wont prevent you from nibbling precious bits and pieces in the fashionable scene.

Times of India

Necessity to survive

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