How can a lack of creativity lead to business failure?
I recently watch Sir Ken Robinson lecturing on the current educational systems which made me realize the importance of creativity. It was highlighted that schools are quite good at teaching children that mistakes lead to failure. A quote from Sir Robinson perfectly illustrates that, « If you’re not prepared to be wrong, you’ll never come up with anything original ». The importance of a creative mindset is rejected at young age, but becomes increasingly important through life as critically thinking becomes a key tool to solve a majority of business problems.
I found this very interesting and how easy it was to relate back onto the management of a business and its decision making. As I believe every company is different in their own way, so if no innovative ideas are being created within the business, then it will stagnate and fail. The main reason for this is competition and how companies are constantly looking for new ideas, or ways to take a bigger portion of the market pie, which is currently being shared by its competitors or rivals. Creativity in its self as well as creative thinking grants the ability for companies to overcome obstacles which are so particular they wouldn’t be able to go through them without taking any consequences an example of this could the pandemic in 2020 which resulted in many corporations to close, however few of which managed to turn it into a profitable event like Amazon.
However, we cannot rely on improvisation and creative methods all the time, as many theories from past businessmen have shown to still be successful to this day. Not being aware of them in a business would undoubtedly a mistake, and a likely result of failure of business.
Is Zappos business culture appropriate?
I recently watched a report presented by Paul Solman, the director of the documentary, on how Zappos, originally a shoe retailer, has an out of the ordinary corporate culture. It sets its priority on wellbeing of the employees. Although it is not the only business to have this similar objective, it is most likely one of the most successful companies to have adopted this culture.
Zappos core principals are supporting change, being humble, create fun and « weirdness ». Not only that, but there is also an incentive and reward for employees adapting this culture by getting free merchandise.
All 1500 employees at Zappos are part of self administering groups, which is a constitutional form of organisational management. This allows a more widespread distribution of decision making but as well as giving the ability for employees to work on what they do best.
I believe that this form of organisational management truly sets out and highlights the company’s objectives for its business culture. As it allows all employee’s voices to be heard and considered thoroughly giving them the opportunity to change the business itself. As Tony Hsieh, the owner of the company at that time, mentioned, this is a potentially successful method for a business to last longer and keep being successful through time.
Although Amazon’s ownership of the company is present, its Holarctic system is truly something new and that should be considered by any new upcoming businesses that are planning to last on the long term.
How would a universal basic income affect the business world?
A Financial Times film on UBI (universal basic income), gave me a clearer view on how why it is not used in the current society we live in and how unorthodox it is. As much at it seems good to us as students that do struggle with rent, tuition as well as everyday supplies. UBI could bring unsuitability within the business world.
The universal basic income was an idea to fight against a high Gini coefficient which is a statistical measure to identify the gap between the rich and poor as well as seeing which groups contribute more to the GNI of a country.
Productivity is my main concern if UBI would be put into place, as there is a possibility that employees and workers may lack more and decrease in the overall productivity of a business, due to the comfort zone and buffer the universal basic income gives. This could result in a drastic Profit made by a company.
However, taking the other side of this argument we can say that this will lower the chances that employees go against their employers intern increasing productivity and overall employee satisfaction and happiness.
To say UBI is a 100% beneficial wouldn’t be realistic as there still many uncertainties that lay head of its path and we do not yet know whether this would come out positively or negatively towards the business world.
However in my opinion, I believe that UBI shouldn’t be ignored as solution to help job satisfaction and potentially replacing pensions. As a means to reduce the costs for the government make the universal basic income more generous and so more effective.
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