MANAGING in the

NEW WORLD

4 Tips for Entrepreneurs Tackling Disruptive Challenges

In the present era, it is impossible for business to thrive unless they disrupt the industry altogether. Certain steps exist which if followed effectively, can help ward of these forms of disruptions. The entrepreneur must be hands-on and build experience as per the work profile. To succeed, one must team up with the best possible partners. Talent management of partners and team becomes crucial for the same. With changes in market requirements, firm must also evolve accordingly. The corporate strategy must incorporate firm’s culture right from the beginning.

How Corporate Responsibility Trends are Changing Business Now

Consumer preferences are shifting towards products / firms which show concern towards environmental sustainability and the greater good. Even the present Pope of the Catholic Church has reiterated this fact. If one looks at this from the perch of corporate strategythis is a win-win situation as sustainability is good for business. The middle class is rising in purchasing power in the developing world and this segment is conscious as they can practically see the evolution major environment related problems in their own regions. Environmental tragedies in turn escalate the troubles for businesses as shown with the horrendous economic impacts of Hurricane Katrina and Sandy.

The Benefits of an Innovation Management System

While it is imperative that certain processes be developed by the management, it is also necessary to integrate a learning management system within the corporate strategy. The benefits are multifold. It aids corporate training. It provides competitive edge to the firm. Leaders will then more easily embrace change. It will eventually improve organizational culture. In spite of these compelling reasons generated via business research for the implementation of innovation management systems, they are still quite rare. Idea generation must instead be designated a ‘daily task’. Even small ideas must not be overlooked. Business analysis metrics must be integrated with innovation as it helps improves accountability. 

Study Reveals Most Popular Sources of Travel Information

Market research has been conducted to gauge the sources of travel information most sought after. Online travel forums occupy the top spot followed by independent blogs and then come travel related apps. Barely an 8th of the respondents chose guidebooks as preferred choice. Another interesting trend is that more than a third of travelers post reviews post visiting the destination of choice. Another forty percent odd shared travel related stuff on social media or commented at public forums. The business analysis generated reveals that only about a fifth of travelers did not share their experiences online in any form.

5 Things to Look When you are Hiring for Innovation

Corporate strategy must always make space for innovation and while recruiting for positions that involve innovation at work, certain pointers exist which can make the process more effective. The CV of the candidate must include diverse experiences. The potential employee must be able to cross-think across verticals. He / she must be willing to try out different tactics at work. The person must be humble and possess likeable social skills. The outlook of the person must not be dated and he/ she must be able to counter the existing trends.

Airports and the Future of Tourism

In the city of Prague in Czech Republic, a conference was held to discuss the future role of airports for the European economy at large. The ‘open skies’ policy is on everyone’s radar. There is also talk of how to optimize this surge in air traffic to generate more travel jobs on the continent. The Chairman of Irish national tourism board mentioned how European airports must not be seen primarily as taxation centres but like Dubai they must be linked to tourism. Business research was quoted by one of the speakers to show how around 4% of GDP of Europe is generated via the various airports. London, Milan and Cologne-Bonn were some of the felicitated airports receiving top prizes under various categories. 

Why Culture Eats Strategy for Breakfast

While corporate strategy is a oft hyped term, company culture is usually a far more crucial concept. It enables differentiation in delivery of product / service. MOO which produces business cards, is a perfect example of how the culture has now developed into full blown strategy. When it comes to attracting the best of talent for management jobs, it is culture that proves to be the major pulling point. Disengaged employees will not bring better ones in turn. Corporate culture even has significant tangible benefits. A perfect example being that of Southwest Airlines where costs needed to be slashed due to organizational restructuring, but unlike competitors it wasn’t forced but voluntary from employees. The airline rid through the most difficult of times while make lesser losses than others within the sector.

European Cities Complain of too many Tourists

While tourism is a harbinger of great prosperity and generator of good number of travel jobs, certain cities in Europe are resenting the excesses of the same. Barcelona residents feel that tourist numbers are too great and beyond the city’s carrying capacity. While Lisbon tourist association’s corporate strategy feels even greater numbers can be accommodated, the locals view the situation differently and feel too many hotels are propping up, many of them with uncertain business practices. Venice has always had this feel of isolation but now increasing number of traditional residents are leaving the city due to tourism related overcrowding. Rome’s famous city centre has become notorious for having restaurants charging excess from visitors thus increasing cost of living even for residents.

Do Consultants Add Value

Questions are often posed as to the actual contribution of management consulting as a profession. A market research firm headquartered in London recently noted that the industry was worth more than US$ 40 million in 2014 alone. However some reasons exist which support the validity of this line’s contributions. Client feedback is more often than not positive especially if it is centred around coaching or corporate training. The challenge exists because no specific certification exists to qualify one as a consultant, there are few barriers to entry and thus the ones who succeed need to generate value. There are those who question the validity of the consultant’s ‘solutions’ and feel they do little more than frame the problem properly.  Ultimately, the truly conscientious consultant knows his/ her firm’s worth as trusted advisor and will not let this image be tarnished by falsified reports.

10 Habits of the World’s Greatest Learners

Management training always seeks to develop learning abilities among employees. Those who are successful at that share some common traits. They seek refurbishment of their own skills and even personality. They use their own experiences to the hilt. They make sure that the inhibitions they have do not overtly disrupt their ultimate motivations. They practice their art over and over again until they attain level of being immersed in the same. In addition, they seek to become resistant to gnawing criticisms or doubts. They remain open minded about corporate strategy and goals. However, they break up overall objectives into more achievable specific targets and execute them one by one. The greatest learners are known to be objective and evaluate all decisions within the given context. They enjoy challenges and do not give up when problems appear complex. Crucially, whatever they go through, they imbibe in a way that the learning stays forever.

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