People say that business leadership in the twenty first century is becoming more and more difficult. Leaders are faced with different kinds of problems and they have to deal with a lot of issues within their organization and that of their immediate surroundings. The world is facing difficult political and economic problems. And this is true, not only for the United States, but also for both developed and developing countries.
Globalization. We are seeing the fruits of globalization. Thanks to the World Wide Web, the world is now more inter-connected than ever. The recent tsunami tragedy in Japan is testimony to this interconnectedness. People in the United States, in Latin America, Europe, Asia and Africa watched the devastating power of tsunami as it swept through the houses in Japan. With this interconnectedness, leaders have more access to information, which could make business-decision making more informed.
Productivity. With the onset of technology, however, leaders need to deal with information overload and productivity issues. Employees all over the world are checking their Facebook accounts every hour of the day. This leads to wasted hours, which could have been devoted to growing the business and dealing with business-related matters.
Outsourcing. In order to save on money and operational cost and to increase the bottom line, organizations and companies are looking for outsourcing options more and more. Companies in the USA and Europe are outsourcing their business operations to the Philippines, India and some Latin American countries. This enables them to save money on the salaries paid to employees. With the good English skills of Filipinos and the IT skills of Indians, companies manage to save billions of dollars while at the same time ensure great quality of service.
Entrepreneurship. Entrepreneurship is growing in different parts of the world. Leaders need to learn how to be entrepreneurial and solve problems using their creativity and imagination. Innovation is, indeed, becoming an important part of business operations all over the world. With this in mind, leaders need skills that are attuned to their business operations and they need to solve problems that will help them grow their business.
New markets. Whether it's in the home country of the organization or abroad, organizations need to engage new customers and new markets for expansion. Japanese corporations, for example, are looking for countries in Southeast Asia where they could expand their operations. This will enable them to utilize talents and resources in these countries for their expansion and growth.
The twenty first century is rife with problems and potentials for organizations. It will require a combination of business savvy, entrepreneurship and creative problem solving so that business leaders can enable their organization to grow.