Economists talk often about creative destruction to describe the disruptive process of transformation that accompanies innovation. Politics is a common context but the more important story for businesses involves change. Change is life and will always be with us. It is not change itself but your response to change that determines whether you win or lose.
Groupthink as a concept has not been around all that long (1952) but as a human practice or tendency, think about it being around at least forever. We seem to be wired that way. Is this good or bad? Or maybe both? The answer appears to be both but it is highly context-dependent.
Everyone in business today knows how important it is to have an innovation culture. Well, almost everyone. And almost everyone in business today has made great efforts to build and nurture an innovation culture. So why is it that so few businesses are effective innovators? Most appear to be followers. Or am I missing something?
The right COVID-related response for your business should be based on a solid consideration of associated costs and consequences. It should not be driven by the mob – everyone else is doing it so we have to jump on board. You may be setting your business up for a costly, painful learning experience.
These times have forced many businesses, large and small, to face major challenges to their survival. If only the “fittest” will survive, what does this mean in practice for business leaders? How can you become one of the “fittest” as the competition for business survival intensifies?
