Global entrepreneurship & collaboration, everything remains different and social justice: three key thought leadership concepts to redefine global entrepreneurship and innovation in a global economy for 2010 and beyond.
Mona Pearl, the founder & COO of BeyondAStrategy, Inc. in Chicago looks at global entrepreneurship, innovation and collaboration as a driver for future world peace and economic stability. “Many CEO’s just don’t focus on successful global strategies and the need to in-source the expertise for global success”, says Mona Pearl, following a KPMG study highlighting that one out of two US companies trying to go global – fails.
A superb and brilliantly invigorating gathering of the top management minds took place in Vienna, the Austrian capital on November 19 – 20, 2009. They all came to celebrate and commemorate the hundredth anniversary of the birth, in this city, of Peter Drucker, the father of modern management who died in 2005 just short of his 96th birthday. His widow Doris, age 98, has come over from the States to see it all for herself.
Following the conference, the Austrian economic magazine, FORMAT has interviewed three thought leaders on where should the world look for opportunities in this time of crisis? What are the big goals and focal areas for management as we approach 2010 and beyond?
“Many CEO’s do not allow themselves the amount of planning and time it takes to succeed in global markets, and what may work in the US, may not work in Western Europe, or in Eastern Europe.” Or for that matter, in any other place in the world.
Creating an effective competitive advantage is an essential component of any corporate strategy, and it is critical for success in today\’s dynamic global environment. Not surprisingly, competitive advantages are not available in one-size fits all packages. In fact, they vary greatly depending on the unique circumstances of the company, product, market and culture of the target audience. For that reason, what works well in one market may fail in another, even with the same product! To make matters worse, even the most powerful competitive advantages may not last long. But, businesses with the skills to rapidly identify, innovate and exploit new competitive advantages quickly and repeatedly will be formidable competitors both at home and abroad.
Prof. Philip Kotler, the marketing guru sees many changes, but also opportunities to help the poor become consumers. Managers need to devote more time to plan for different situations and establish an early warning system that will prepare them for the worst case scenario.
The question we should be asking is: what do you sell and who do you sell it to? This question wasn’t always answered ethically by the ones selling risky financial products.
CK Prahalad focuses on social justice as a major goal for growth and stability. Helping establish poor countries as future markets and creating the future consumers is our chance for a better future and should be the core interest to enhance the world.
“As competition continues to intensify both domestically and around the globe, so does the need to identify key competitive advantages. Quality products offered at competitive prices, although important, will not guarantee long-term success. Rather, businesses must answer one critical question: “Why should customers buy my products/services as opposed to the competition, and what is my long term plan to remain competitive and succeed in growing the business globally?” If this question can not be answered with clarity, it is time to step back and identify a position from which your product can be distinguished and set apart from all the other competing products, before it\’s too late”, warns Ms. Pearl.