Today’s leaders may be educated, knowledgeable and experienced, but many are still struggling to keep their companies competitive in the current economic climate. Their expertise and scientific methods will not help them predict the future in our modern, ambiguous, complex and ever-evolving environment. In these challenging times of economic crisis, leaders will often exert caution, make careful, low-risk decisions and focus on cutting costs to keep their company afloat. However, at a time when constant change has become a way of life, there is also a realization that these strategies will not be effective in the long-term.
Steve Jobs once famously said, “The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament.” And that is what leaders have to do: innovate to find a way out of problems. Innovation has again become a buzz word in the business world. Historically, this is how proactive organizations have succeeded in a competitive environment. It is up to leaders to promote the conditions for creativity and instill a culture of innovation in their organizations. But how should they do that?