While the formula might not turn us
all into the next Richard Branson, the combination of intelligence, a bursting
contacts' book, ambition, vision and a drop of good luck can definitely help
put us on a pathway to success.
But are these ingredients really
enough to see you succeed? In today's business environment - with constantly
shifting social, economic and technological priorities - one element that's
vital, but often overlooked, is change. The willingness and ability to embrace
it with arms wide open is crucial.
It might be plain stubbornness, an
aversion to risk, blind sightedness, pressure from the board, or resistant
employees, but many business people fail to overlook the need to implement
changes which could make the difference between whether their company is listed
on the FTSE 100 or struggling to survive.
Lateral thinking, or the ability to
think outside of the box, is the difference between survival and death for a
business - Keshav Murugesh
The experiences of those who are
brave enough to adopt change show there are huge financial and competitive
advantages to be gained.
Invest
in Change
"Innovation is the most
necessary ingredient in today's dynamic world," according to Karan
Chanana, CEO of Amira Nature Foods Ltd, the first family owned Indian company
to list on the New York Stock Exchange, with a total revenue of $547.3m.
"It is like air to humans,
every breath of innovation survives and thrives," he said.
Founded in 1915 as a small
family-run trading company, Amira went on to become India's first
fully-automated rice milling factory in 1993. By investing in a processing
plant in Gurgaon, near New Delhi, Chanana refocused on premium rice products,
which have a long shelf life, and organic products including rice, lentils and
beans, and spices.
Chanana concedes that business
people have different thresholds for change but believes everyone must accept
that at some point they'll have to take a risk and enact change.
He believes that in business, challenges
are a part of everyday life. "Anyone who believes that business or life
will be a smooth ride is living in a fool's paradise."
Make
or Break
"Lateral thinking, or the
ability to think outside of the box, is the difference between survival and death
for a business," said Keshav Murugesh, CEO of WNS, a leading Indian
outsourcing company based in Mumbai.
He is known in his company as the
"the turnaround guy", having built a reputation for improving an
ailing company's fortunes at Syntel before joining WNS four years ago. In that
time, he has doubled the company's market cap to $1.1b and revived its
declining fortunes.
Murugesh believes companies stagnate
because leaders are unable to push themselves out of their comfort zone and
challenge the status quo.
"It's about the fear of
failure, the requirement for new technology, and the cost of new
investment," he said. "But people who can make these changes in a
planned manner see success."
But, he said, people have to
remember: "There is no such thing as failure, only some steps between
where you are and where you aim to be. It's about planning, motivating and
leading people, and also an element of luck which every CEO needs to
have."
Size Matters
"When it comes to change, size
matters," according to John Brash, founder and CEO of Brash Brands, a
brand consultancy headquartered in Dubai whose clients include The Burj
Khalifa.
"On the whole, larger
organisations do take longer to effect change. Approval processes are
lengthier, plus the sheer volume of people to communicate with will naturally
take longer," Brash said.
As an example he cites Dubai's
Dnata, the world's fourth biggest combined air services provider which has a
footprint in 73 airports in 37 countries and has more than 20,000 employees.
Dnata embarked on a complete rebranding exercise in 2011 as a result of many
acquisitions which had led to it quadrupling in size in just six years.
Brash said: "The new brand
strategy, vision, mission and values needed to be communicated to over 20,000
people."
He acknowledges, however, that some
business leaders find change a painful process: "Whilst some business
owners may have the desire to innovate, the process as a whole can seem
overwhelming. If they are doing well whilst doing the same thing some can be
reluctant to rock the boat. It's myopia of the market they are in."
Social
and Digital Change
Going forward, Brash believes that
businesses must adapt to new forms of modern disruption such as social media,
cloud computing, 3-D printing, technology and popular new business models that
involve mobile apps such as Uber, the taxi service.
In the future, he said, the chief marketing
officer will become an important decision-maker, on par with the CEO of a
company because of the implications to a business of digital innovation and the
impact of social media. "I want to understand how Generation Y thinks and
acts," he said, "because they are the customers of the future."
One way WNS keeps innovation at the
forefront of their business strategy is by leading an ideas division called
Wincubate, where employees are encouraged to contribute new thinking. The team
with the most promising concept wins $250,000 (excluding people costs) to
launch their programme. After 18 months the decision is made on whether to
create a new division to develop that idea as a business proposition, in which
case the team members receive a 26% stake in the new company.
Brash said: "Without consistent
lateral thinking any business will start to slow down over time. Younger,
hungrier talent will come to the market and erode your share through their
innovative methods.
"Many companies can get caught
up watching their competition, rather than keeping pace with their consumers,
especially the constantly evolving Gen Y."
After all, as Stephen Hawking said,
"intelligence is the ability to adapt to change".
