The New Big Three Economic Drivers

Bill Warner Sunday, July 12, 2009

How could curiosity, imagination and failure possibly be economic drivers? They certainly seem like important business factors, among many others, in running a business. Read the details in Open Forum.

How so?

Think about it. We are reading about companies that are circling the wagons on cost and expense reductions and driving current sales operations to bleed every ounce out of the stone of their current products and services. What makes the difference is recognizing when a product or service has reached the point of failure in its market. The idea is that failures drive the need for new innovations. Executives need to have the curiosity about their markets and customers to see when the failure milestone is being reached. Simultaneously, they have to have the imagination and innovativeness to create new products and services that address new market needs. Even in a recession, new innovation continues to play an essential role.

Identify failure and thrive

The lesson here is that business owners need to be courageous enough to recognize and act as they see failure approaching. Just responding to a failure that has already occurred is a death blow. Recognize the signals that indicate your business is failing:

  • Loss of cost competitiveness
  • Price reductions due to competitive offerings
  • Changing customer priorities
  • New market trends that weaken your market segment
  • Strong competitive offerings impacting sales

Seeing failure coming gives you time to act and take a new direction. Have processes in place that give you the information you need to foresee failure.

Filed Under: Business Operations, Business Strategy and Planning, Marketing Plans & Strategies



Bill Warner is the Managing Partner of Paladin and Associates, a business consulting firm in the Research Triangle Park area of central North Carolina, and is the Chairman of the Triangle Accredited Capital Forum, an angel investor network with over one hundred members throughout the southeast.

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