March 12, 2010Finding the NEXT leader
Finding the NEXT leader
By David Wee, Founder & CEO - DW Associates Pte Ltd | Jun 8, 2009
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PrintWhen times are good, leading a company or a team is exciting. Resources are plentiful, customers are satisfied, and opportunity is everywhere. However, when the economic conditions are challenging, this excitement and positive energy tend to weaken. People often feel the pressures of work, and they fear for their job security. These worries and fears present a major challenge for leaders who want to keep their teams on target and productive.
Let's think of 2008 as one hell of a school year.
The Fortune 500 is having its worst slump ever, but the survivors have been taught a few things about thinking long term and sticking to principles.
What have we learned from the economic crisis?
- Reliance on easy profits can be fatal. Wall Street and Detroit tumbled for a lot of reasons, but high on the list is the fact that they thought the free buffet would be open indefinitely.
- The next five years may redefine everything. Banking and automaking aren't the only industries that will be changed for good. Entertainment, publishing, and airlines face threats to their survival.
- The Fortune 500 is still an old-boys' club - but it's changing fast. When 485 of the 500 companies on the list are run by men, you can't point to it as a model of gender diversity. But the grand total of 15 women who now run Fortune 500 companies is an all-time high, up from seven in 2003. And many of those women are running businesses once considered bastions of manhood.
Companies are keen to innovate but don’t know where to begin. Most companies tend to be over-reliant on a small number of customers or products. They are so busy selling their existing products to existing customers that innovation takes a seat. Many are intending to explore new ways of doing business. But how?
While you cannot change the crisis you can, however, change the way you respond to it. You cannot change the situation but you can certainly change the meaning and significance you give to it.
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