Corporate Survival Strategy: Breakthrough Management

During these times of change business may have to change its orgainsation, operation and its nature to deal with the challenges of each stage in the business life cycle. For business to be successful they must constantly develop and change strategies to deal with the growth of the business or the life of the business may be cut short.

| - Lecture: “Managing Innovation and Fostering Corporate Entrepreneurship” (con’t)- Presentation & Annual Report follow up.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

Businesses are facing a dichotomy between wanting to chalk out an all-time structure and strategy for their organization, and recognizing that their world is in a constant state of flux [3]. For most of the 20th century they were largely focused on the static elements of this dichotomy. However, in the last decade changes have become more frequent and more dramatic, so much so that a whole branch of management is now devoted to the subject of change itself.

Change is necessary if organizations are to survive and thrive, and the sharp downturn in the economy is forcing leaders in all industries to take a fresh look at how they do business. Recently, most companies in the financial services industry faced with a need for dramatic change after mortgage crisis and the Wall Street meltdown. (Daft, 2011, p. 460)

As the rapid development of modern economy and the increasingly fierce market competition, the demand of how to manage organization change is increasing. Especially for leaders in both large and small companies, the ability of dealing with change is so significant. In many case, the main reason for company bankruptcy is that leaders fail to cope with organization environment change properly. The demise of many fortune 500 companies in the 1980s and

Businesses have to adapt to the ever-changing economy. It is not much of a choice for business leaders to change elements of their organization to stay in competition with their peers. The hardest part, most of the time, is changing the people in the organization to develop the necessary outcome or goal. As a business leader getting rid of people or changing their job specifics is one of the many responsibilities they have to be comfortable performing. Organizations have to take into consideration their competitors, customers, shareholders, employees, and the community to make decisions. Change is an aspect that many people are afraid of. In the new millennium, organizational leaders have to embrace

Innovations can create a huge opportunity for success, as they enable a company to create a competitive advantage by having differentiated products, services or business models. Hence an innovative strategy is highly recommended in order to achieve high business growth, in case you are willing to expose you to a higher degree of risk. Being successful with an innovative strategy requires a multidimensional approach and an integrative strategic management.

In today’s economy, firms are no longer the center of business. In order to survive,

The purpose of this book is to make us see that nearly all-operating prescriptions for creating large-scale corporate change are nothing but myths and that changes do not happen from one day to another by a miracle, the change from good to great is the result of a successful plan who

Change has become necessary for every organisation there is. World is moving rapidly towards better technologies, efficient systems, new techniques, compact profits, different friendlier environments and organisations are always in the race to reach new heights by thriving effectively in this competitive environment (Kotter, 1996).

In today's business world, corporations have become more complex and more unpredictable, in fact it is considered almost "healthy" that a corporation experience change and transformation. Companies need to be susceptible and ready to acknowledge the challenges that change presents with and try to overcome these for the benefit of the company as a whole. Due to the ever-changing business and social environments caused strongly by globalizations, this has meant that companies must keep themselves up-to-date, whether it is through using the latest form of technology or through the latest management fad. There are many factors involved with change and the successful management of it which can often be a difficult time for

'Out of a thousand unconventional ideas, probably only a hundred are worth experimenting with. And out of those one hundred, only 10 have the power to transform a business(Hryniuk, 2001).' Literally, 'revolutions seldom succeed(D'Aveni, 2002)'. The whole article equips us with the thought that revolution is essential and vital for companies. Revolution could be profitable. However, chasing revolution leads incumbents to another convention which exactly is to seek revolution itself. Sometimes and usually, the first brave man to break with conventions challenges

Change is a common thread that runs through all businesses regardless of size, industry and age. Our world is changing fast and, as such, organizations must change quickly too. Organizations that handle change well thrive, whilst those that do not may struggle to survive.

Globalization and increased speed in business intensify competition, and most firms need to continuously innovate to ensure long term competitiveness. (Bjork and Magnusson, 2009) In the last couple of years business has seen huge transformations from the way it is conducted. Any small business may eventually grow into a bigger one or may even develop into a huge company or corporation in the future. However, these foreseen growth and development will not just happen in a mouse click or a wink of an eye. This process needs hard work and proper management to flourish each day. For