21st Century Opportunities Need 21st Century Solutions

As a business person I am always amazed with human ingenuity. There are individuals that are out there breaking down the barriers. They are identifying new medical procedures and discoveries, others are developing new technology to improve our lives. I am impressed by the intellectual capacity of those who can shed wisdom on how to interpret the new economy and the applications of technology. All of these things and others open the doors to change and are supposedly meant to improve our lives.

I remain a staunch opponent to futurists or sages, who couple their message with fear and questions instead of facts and options.

The most fearful word in society today is “change”. We understand the need for it and accept the value of it, it's uncertainty that creates doubt about the future. Many are willing to only accept change for the right reasons. It does seem that changes which don’t affect our welfare and economic wellbeing are more acceptable. If change comes about as a result of business failure which leads to redundancy in jobs, who is to blame? Are they avoidable? I believe that they are when the organizations culture is focused on continuously improving its competencies and capabilities to compete.

There Is Always A Cause And Effect When It Comes To Progress.

The 21st century was ushered in with great expectations. We’ve adapted to technology, the internet, social media, E-commerce, smart phones and tablets. All of it keeps us preoccupied with entertainment, provides us with information and it allows us to be more productive when used correctly. We are all connected to what’s important to each of us as individuals.

History has shown us that when there is great change, the solutions from the past are also no longer effective. What was being taught in schools in 1918, for example, proved to be outdated by the 1930’s after the crash and during the Great Depression. That generation needed to think differently because the economic shifts no longer responded to policies that were meant for a different economy. President Franklin Roosevelt introduced the New Deal. We need a new deal, one that will allow the vast majority of us to adjust to the new economy. To keep ourselves employable and businesses viable we need to continuously adapt. However, we also need to invest in ourselves.

Yet we are already in a new economy! Retail businesses are struggling with their marketing strategies and falling short of financial expectations. We ask what's the cause other than blaming Amazon and others? Perhaps the issue is that the advice and strategies they are employing are primarily 20th century solutions. If history is any predictor of the future those solutions will fail miserably. Realistically, 20th century solutions may allow us to feel safe but they don't guarantee the future. We can only feel safe when we begin to understand the needs of the future and then by engaging in two key areas develop ourselves and learning to make our businesses more defendable. Your business has to be more defendable before you can even think that it can become a disruptive innovator.

Are There Risks to 21st Century Solutions?

 There are risks in everything. What's the meaningful difference between two centuries of leadership and theories? The 21st century strategies must create trends and retain customers, while 20th century strategies today are chasing trends and losing customers. I even doubt that all OMNI Channel and e-commerce strategies today are remotely accurate. If they are, why are retailers sales and profit performances floundering? Yes! I am challenging all of our thinking from the past, we have to if we you as an individual or organization want to be enter the new economy.

We can argue that this is about the need for young leadership. Leadership and vision are not recognized by age, they are recognized by understanding how to effectively bring clarity and align resources and opportunities with the right strategic actions. This is more about experience and courage, than it is about age. Discrimination of aged executives is out in this new world and dismissing the young as inexperienced is also out. One cannot exist without the other not without making incredibly bad mistakes.

Change in the 21st century has some very important lessons waiting for us. Primarily, we need to act fast or risk being left behind. I question how much longer anyone can wait to employ 21st century solutions before more businesses fail and jobs are lost?

I have often argued that traditional brick and mortar retailers and other businesses are at a disadvantage if they are bound by 20th century thinking and traditions. If they don't break from those beliefs in everything that they do from hiring leaders, making strategic choices and trying to change their culture. They will fail to enter the 21st century as a relevant retail brand.

My name is George Minakakis, I am the CEO of inception retail group. My message is based on my principles, I lead retail brands into the new economy and help put the Mortar back into retail.

I can be reached at [email protected] or 4164604333 for media interviews, round table discussions and speaking engagements.