Stories about firms being created, about firms dying, about new technologies replacing old technology, and about eBusiness are all we hear. If you read the popular press it would seem that these things are characteristics of the socalled New Economy, but are they? The answer is clearly, no. The dynamic economic process we are experiencing has been going on at least since the industrial revolution. But what is different is the speed at which change occurs and the increasing level of environmental uncertainty that managers and entrepreneurs face. Being able to deal with speed and uncertainty may be the most important skills that entrepreneurs and managers can have in the current business environment. But how do you make that happen? Top management leadership is only way. In addition, a tolerance for failure must be recognized. This is a short opinion piece highlighting some of theses issues.
Brown, Terrence Edison, "What Is So New?" (2001). ICEB 2001 Proceedings (Hong Kong, SAR China). 110.