Developing a 'corpreneurial' strategy for fostering business growth and revitalization.
Industrial Management › Vol. 34 Nbr. 4, July 1992
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Business Strategies
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Developing a 'corpreneurial' strategy for fostering business growth and revitalization.
It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, .... it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us..."
Charles Dickens' introduction to Tale of Two Cities may also characterize the corporate arena during the 1990s. This is a time of ironic contrasts. Never have the challenges for existing businesses been more formidable or the opportunities for new ventures greater. it is a time when a record number of firms have failed, yet it is a time when a record number of new ventures are being started. It is an era of maturing markets and frenzied efforts to be more efficient, yet it is an era of emerging markets and technological advances. It is a period marked by the sunset of a number of firms and industries that were founders of the Fortune 500, yet it is a period marked by the dawn of the Inc. 500 as new ventures are being created and new industries are being born. It is also an epoch when executives are desperately trying to find ways to revitalize their firms so they will not slip into mediocrity. Many of the firms that survived the near constant barrage of challenges over the last decade are now trying to catch their breath in anticipation of a new wave of challenges. They were able to survive by utilizing various stop-gap measures. Executives implemented restructuring efforts to minimize the overhead associated with middle management and staff positions, undertook reductions in the labor force to make their firms lean, sold off divisions to free up capital and launched belt-tightening campaigns to remain competitive with foreign competition. Executives who successfully negotiated their firms through the competitive minefield are now faced with a dilemma. They did what was necessary to keep from being listed in the corporate obituaries, but now they ask, "what do we do now?" In business, as in sports, a strong defense may keep a team in the game. However, it usually takes a strong offense to be victorious. The time has arrived for executives to direct their attention, time and resources to moving their firms ahead rather than to slowing...See the full content of this document
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