The second opportunity to turn the adversity of the economic downturn to advantage is seizing Opportunity itself. Opportunity for new thinking in a new world with new dynamics. Opportunity where artificial over-valuation and speculation are removed.
As Guy Kawasaki noted in a recent USA Today interview, “It doesn’t matter if the Dow is 5000 or 50,000, if you’re an entrepreneur, there is no bad time to start a company.”
Hitachi Consulting has also published a piece called ‘Suspicious Minds’: “A race will start for knowledge, talent and proven processes (for example in debt and cash management). The pressure will be on organisations to have a route map to both capital stability and good credit ratings, including the people to deliver it. New organisational structures and processes will be developed on the back of an enhanced understanding of cost and value added. There will be a new breed of heroes in Financial Services and for the rest, economic stress management will be used to manage your employees.”
One of the things sales people love are ‘compelling events’ and this economic situation is creating plenty of those (though salespeople also love budget authority). One of the biggest hurdles is inertia of people comfortable in doing things the old familiar way no matter how inefficient. Looking survival in the face compels people to think creatively and radically at approaches and solutions that they would never have considered previously.
Some other perspectives on the diverse opportunities include the Telegraph’s piece on Ryan Air’s plans to exploit the recession ‘Ryanair to sell transatlantic seats for £10’: “It believes the crisis in the aviation industry and the prospect of more airlines collapsing is set to bring the cost of aircraft down, with a glut of unwanted jets coming onto the market.”
Also, MSNBC also ran a piece ‘Corporate Darwinism’: Only strong survive’ on the opportunity for companies to assert their strengths as ‘corporate Darwinism’ allows ‘corporate survivors, however, should benefit as competitors disappear.’