In the issues of growth strategy, Cosper (2009), Editor-in-Chief of Entrepreneur, argues, “Fear is not a growth strategy. Period… It’s bad enough that Detroit is wheezing and Rome is burning…but what’s worse is that the situation is making normally rational people act like loonies. It is fear. And it’s a real business issue these days… Fear makes us irrational—like thinking cutting and growing are the same things. Cutting costs does not equal growing sales. Never has. Never will… When you let fear infiltrate your strategic plan, you will fail to thrive in any economy. After all, fearlessness is what distinguishes entrepreneurial DNA” (p.12). It is very true. There were many great innovative inspirations or products created during a recession, such as: Campbell’s chicken noodle soup in 1934; GE fluorescent light bulb in 1938; McDonald’s in 1955; and Diet coke in 1982 (Cosper, p.12). For a strategy to be effectively executed, it must be made action oriented (e.g., this is done through a series of programs, budgets, and detailed procedures).
References
Cosper, A. (2009, Feb.). Fear is not a growth strategy. Period.
Entrepreneur, 37(2).Retrieved on April 12, 2009, from Ebsco
host: Business source elite database.
Wheelen, T., & Hunger, D. (2008). Strategic Management and Business
Policy. Concepts. (11thed.). Upper Saddle River, NJ: Prentice Hall.
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