How to Thrive in This Economy?

“Those businesses that are still attached to he legacy of the industrial age have to face a lot of difficulties. It is because such businesses tend to be military like, too much rigidly structured and non-alive to flexibility and innovation.”

Our economy is in the midst of a huge change. These days people are more concerned with the service-economy than the production of goods. It’s common sense that for the manufacturing of goods skill is required and for the service economy talent and intellect are required. So, we can say that in this economy the value of intellectuals has increased a lot.

First of all there was agrarian economy, then came the industrial age and now we are witnessing the intellectual age. This age is an age of ideas. No doubt, production and other factors relating to business are also important but it’s the ideas that have taken the center stage. Manpower has given way to brainpower.

Those businesses that are still attached to he legacy of the industrial age have to face a lot of difficulties. It is because such businesses tend to be military like, too much rigidly structured and non-alive to flexibility and innovation.

You have to be alive to the prevalent work structure. These days it is not necessary that your employees have to be present in your company premises or have to be your full time employees.

The businessman of today believes in hiring the best talent till the work is done. In this way, a company is also saved from many liabilities like employees’ pension, PF etc.

You have to continuously keep on upgrading the knowledge and capabilities of your employees. In house training and up gradation may seem costly at first but it proves extremely beneficial in the long run.

Not only this, the customers also have to be educated as regards the amazing variety of products that modern science and technology has produced for us. If we just think in terms of the 19th century industrial age and regard customers as a passive entity, we are surely treading on a wrong path.

Last but not least, we have to acknowledge the fact that today’s economy is undergoing a massive change. Some people just consider it as a passing phase and are not much serious about the ensuing implications. Businessmen, leaders, managers, entrepreneurs have to step up at every possible opportunity if they want to prosper in these turbulent times.

Author - DeeKay

Tags - Finance, Economy

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