Ten Rules for Success in the New Economy

Rule #1:  

Expect Volatility

We are witnessing an exponential increase in the velocity, complexity, and unpredictability of change. This increase creates a hypercompetitive international environment that bears little resemblance to the one that existed even five years ago.

Rule #2:  

Invent New Rules

Invent your own and make others follow you! Competitive advantages and profits will belong to innovators who transcend the existing parameters of competition.

Rule #3:  

Innovate or Die

Develop conscious strategies and mechanisms to promote consistent innovation. Resting on your laurels is simply not an option: winners are innovating and surpassing themselves constantly.

Rule #4:  

Break Barriers

You must dismantle the internal barriers that so often separate people, departments and disciplines. The boundaries between firms and their outside suppliers, customers and sometimes even competitors are also under severe pressure.

Rule #5:  

Be Fast

Implementation is everything and it better be fast. These days it's far better to be 80 percent right and quick than 100 percent and three months late.

Rule #6:  

Think Like an Entrepreneur

The days of depending on corporate size and reputation to drop opportunities in your lap are over. Entrepreneurs go out and make things happen and allow themselves to fail and improve because of it.

Rule #7:  

Think Global

The fastest growing markets in the world today are outside North America. Companies can and do now shop in a single global supermarket for just about everything.

Rule #8:  

Keep Learning

At the end of the day, the only truly sustainable competitive advantage will be your ability to learn faster and better than your competitors, and to turn that learning into new products, services and technologies before your competitors can imitate your last innovation.

Rule #9:  

Measure Performance Differently

Concentrate on key strategic and profitability drivers, ones that reveal the underlying dynamics of your business, focus your energy on what really drives the future success of your business.

Rule #10: 

Be Nice

The place to improve the world is first in one's own heart and hands and then work outward from there. If we improve ourselves by doing good for others, we build a solid bridge for success in the new economy.