Entrepreneurship is more likely than centralized economic management to produce innovation and wealth
Success has become a tricky word again in the business world. Robert Reich, a former secretary of labor and professor of public policy at the University of California at Berkeley, considered the paradox of success more than 14 years ago. He saw that the notion of success triggered polarizing reactions in American society, and he argued that both the critics and optimists were right.
The topic of success has resurfaced today. Since 2011, the Occupy Wall Street movement has spurred the social cry of “We Are The 99%,” causing a backlash against the top income earners in the United States and leading to an uneven yet heated debate on questions of opportunity, privilege, and power.
The implications for risk management and leadership in today’s increasingly complex world are clear. Leaders need to continually question the assumptions on which plans are based and introduce wild card scenarios into drills and exercises that increase complexity.
Highlighting the work of Dow Chemical Company in promoting a 21st Century Workforce
A procurement department, seeing an opportunity to reach their cost-reduction goals, switches the source of a sub-assembly to another supplier. This seemed perfectly logical; the quality and specs met the requirements. Unbeknownst to procurement, this supplier was noted for delivery outages due to poor infrastructure and transportation systems in its country. So, while the procurement department hit its financial targets by driving cost out of the supply chain, it may have inadvertently also increased the overall company’s exposure to supply chain risk and undue threat to profitability.
Gene therapy, stem cells, organ transplants, robotic surgery, and robotic limbs—these are examples of the best of American technology