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Great to gone to great again: bouncing back

lego-story-animatedThis article was published in the 2-October-2014 issue of Finweek Magazine

Markets change. To stay on top, you need to change with them. Economist Joseph Schumpeter spoke about the “perennial gale of creative destruction”, where technological transformation and visionary entrepreneurs give birth to new things that annihilate old things, only to see the next generation obliterate those new things. Some of the most well-known companies in history no longer appear on the Fortune 500 list, having tumbled from great to good to gone from the list—companies like Kodak, Chrysler and Warner Lambert. And, out of the 500 organisations that made it onto the first list in 1955, only 71 were still on the Fortune 500 list in 2008. However, the forces of creative destruction are not unavoidable: not every company must inevitably fall and die. After all, multinationals like Johnson & Johnson, GE and Procter & Gamble have been around for over a hundred years and their positions in the Fortune 500 have climbed. And companies like Lego and Xerox plummeted from their pinnacles, but then turned themselves around from the brink of destruction to become great once again. How did they do it? It comes down to innovation, getting back to basics, and continuously adapting to changing customer needs and changing markets. Continue reading


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6 Ways to raise our kids to be entrepreneurs

This article also appeared in Finweek Magazine in their 20-Feb-2014 issue

flops-teen-entrep

Our generation, our parents’ generation and generations before that, were raised to go to school, get a grade 12, and get a degree in order to get a job. But the world has changed. Job security and certainty about tomorrow, no longer exist. We cannot depend on anyone else but ourselves for financial and career security. We as parents and our educational system should be training our kids to be entrepreneurs, so that they can create jobs instead of working in jobs for someone else. We should be teaching them to be resourceful, resilient and creative, so that they can create their own successful tomorrow and don’t depend on someone else for their future. Continue reading