If you were to advise someone considering going into business or becoming an entrepreneur today, what would you tell them? What is the best advice for today’s business schools? Where would you start; with underlying processes, human psychology, supply & demand theories or principles of management? I’ve been using the wirearchy tag to note articles that talk about the changing nature of work. Here are some examples:
Wirearchy: The performance management schemes, grade levels in the organizations and compensation practices have yet to recognize how work gets done in networked environments and increasingly, in a networked world.
FastForward Blog: … the radical reduction of transaction costs shifts the economic reality enough to eliminate the current value of organizations, making organizations effectively irrelevant.
Umair Haque: That’s the third, simplest, and most fundamental step in building next-generation businesses: understanding that next-generation businesses are built on new DNA, or new ways to organize and manage economic activities. Think that sounds like science fiction? Think again. Here are just a few of the most radical new organizational and management techniques today’s revolutionaries are already utilizing: open-source production, peer production, viral distribution, radical experimentation, connected consumption, and co-creation.
Scott Anthony: The Great Disruption creates real challenges for managers who have made a career out of focused execution. Smart management and prudent cost controls might have been enough to survive the Great Depression, but they are wholly insufficient for surviving the Great Disruption. For example, all the operational acumen in the world won’t help U.S. newspaper companies handle the seismic shifts in their industry.
G. Oliver Young: I see a fundamental rethinking of the definition and function of the firm; the single biggest change since the industrial revolution.
Are there any books that you would recommend to someone entering into a commerce program or starting their first foray into business? I think that the rules are changing rather quickly, as I see what people in my own networks are doing, especially with start-ups.
Is there a way to study and prepare for business today or is it better to jump in and make mistakes as you learn? Recommendations would be appreciated, especially from younger entrepreneurs.