What was the first thing that came to your mind about change while participating in the journal?What attitudes, skills, and concepts have you gained from participating in the journal on Change?What did you know before and what did you learn in the journal on Change?What will be your personal role in facilitating Change as it pertains to current or future workforce changes?What did you learn in the journal that you won't forget tomorrow? Essentials of Management - CHANGECourtesy of Various Wall Street JournalsSource by: Alan Murray, Deputy Managing EditorChange is everywhere, fast and furious. The business world, for one has become muchmore global and much more competitive. The last quarter of the twentieth century witnessed ahuge shift toward market oriented economics around the world, with communism and socialismcollapsing and governments everywhere loosening their grips on economic activity. In manydeveloping countries - China, India, Brazil - growth exploded as a result. Technology is also amajor driver.A captured trend looks at how long it took various consumers innovations to reach fiftymillion people:●●How do you make or execute strategic plans in a world where everything is changing sorapidly? How do you set a clear direction for your organization? Examples of dominatecompanies missing the move in changes includes industries in telephone (from landlines tomobile), in printing (offset to digital), in photography (film to digital), in stock brokerages (fullservice to online), stock exchanges (floor to electronic networks), and retailing (brick-and-mortarto online).DISRUPTIVE CHANGE●●●Radio-thirty-eight yearsTelevision - thirteen yearsInternet - four yearsiPod - three yearsFacebook two years●●Six tips for dealing with the possibility of disruptive change:The customer isn't always right. While it clearly pays to listen closely to your customersand clients, don't expect them to help you spot disruptive innovations.Resource allocation is key. Once you think you've spotted a potential disruptiveinnovation, you'll have to make special efforts to allocate resources to develop it.Disruptive technologies need new markets. Look for new markets that value thecharacteristics of the new technology.Disruptive technologies may require new capabilities. To tackle a disruptive technology,you may need new people and new capabilities. Being the leader in minicomputers maynot mean you have the skills you need to be the leader in personal computers.Experiment. Make fast, inexpensive forays into new products and markets, and learnfrom the experience. Be prepared to fail before you succeed.Don't try to lead in every technology. Sustaining technologies enhance an existingproduct and market.Page 1 of 3As companies get larger, you find more and more of the enterprise is devoted to the maintenance of things already doneand their extension, as opposed to the creation of new activities. - Craig Mundie, director of research, Microsoft Essentials of Management - CHANGECourtesy of Various Wall Street JournalsSource by: Alan Murray, Deputy Managing EditorMANAGING THROUGH CHANGEEmpowering your employees or team members to make decisions will help ensure comingchanges are quickly spotted and addressed, since your employees are usually "closer to theground" than you are and more likely to see big changes coming. Creating a culture of candorwill ensure that potentially threatening developments get surfaced quickly and are fully discussed.Creating a culture of action will ensure those changes aren't long ignored. Using ad hoc teamswill enable you to quickly put together the right group of people to address new developments.Problems have to be surfaced before they can be resolved. Fundamental approaches thatare necessary for success include:●●●●Creating an understanding of the need for change. Members of the organization need toknow why change is necessary; otherwise, they are likely to stick stubbornly to old ways.Look outward. New product and technology innovations should come from outside thecompany. By doing so, you force the employees to reach out, find out what others had tooffer, and not assume they had all the answers in-house.Shift resources toward change. This is sometimes the hardest thing to do, becauseexisting projects will always demand resources, and the new projects won't always offerclear returns. Make sure resources are available for projects that help drive change.Build a guiding coalition. Start with a key coalition of people who have disproportionateinfluence in the organization. And get rid of those who have disproportionate influenceand can't be converted.Eight top reasons why businesses fail include:Error 1: Complacency. The biggest mistake people make when trying to changeorganizations to plunge ahead without establishing a high enough sense of urgency inmanagers and employees.●Look for ways to demonstrate the need for change. Get involved, require managers to sitin the front lines and work in front line employee shoes.Find a consigliere. Blind spots. You need at least one person at your side who knowswho is supporting you, who is quietly fighting against you, and who can help you buildcoalitions and devise strategies for driving change.Error 2: Lack of allies. Before launching a big organizational transformation, you need acore group of allies, people who share your commitment to change.Error 3: Lack of a uniform vision. A clear vision helps to both inspire and align the effortsof a large group of people.Error 4: Under-communicating the vision. Be compelling and repetitive in communicatingthe vision; make sure your actions don't contradict your words.Page 2 of 3As companies get larger, you find more and more of the enterprise is devoted to the maintenance of things already doneand their extension, as opposed to the creation of new activities. - Craig Mundie, director of research, Microsoft

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Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

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